Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Credit Card Interest. MariaMaria has had a tough month. First, she had dental work that cost $ 5 1 4 5 1 4 . Next

Credit Card Interest.
MariaMaria
has had a tough month. First, she had dental work that cost
$514514.
Next, she had her car transmission rebuilt, which cost
$1 comma 5221,522.
She put both of these unexpected expenses on her credit card. If she does not pay her credit card balance when due, she will be charged
1717%
interest.
MariaMaria
has
$14 comma 69914,699
in a money market account that pays
77%
interest. How much interest would she pay(annualized) if she does not pay off her credit card balance? How much interest will she lose if she the balance due out of her money market account? Should she pay off the balance?
Part 2
If she does not pay off her credit card balance, the amount of interest would she pay(annualized) would be
$enter your response here.
(Round to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Finance questions

Question

]. What cues seem to trigger the habit you want to change}.>

Answered: 1 week ago