Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

fast, will upvote You have a $1,900 balance on your 12% credit card. You have lost your job and been unemployed for 6 months, You

fast, will upvote

image text in transcribed

You have a $1,900 balance on your 12% credit card. You have lost your job and been unemployed for 6 months, You have been unab to make any payments on your balance. However, you received a fax refund and want to pay off the credit card. a. How much will you owe on the credit card if you have not made a payment for 6 months? Notes Round your answers to the nearest cent. b. How much interest will have occrued? Note: Round your answer to the nearest cent. c. What will be the effective rate of interest after the 6 montis? Note: Pound your answer to the nearest hundredth percent

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

The Investment Writing Handbook

Authors: Assaf Kedem

1st Edition

1119356725, 978-1119356721

More Books

Students also viewed these Finance questions