Question
Imagine that you have a credit card. During the past 31-day month you carried a balance of $800 on the card. The interest rate is
Imagine that you have a credit card. During the past 31-day month you carried a balance of $800 on the card. The interest rate is 18% (Annual percentage rate or APR).
- If you had no new charges during the month and made the minimum payment of $20, how much would the loan balance be reduced?
Group of answer choices
$20.00
$8.02
$7.98
$7.77
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Monetary Policy Strategy
Authors: Frederic S. Mishkin
1st Edition
0262513374, 978-0262513371
