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Need help with this problem please Consider the following case: On August 1, Edison's credit card has a balance of $9,002.00. According to the terms
Need help with this problem please
Consider the following case: On August 1, Edison's credit card has a balance of $9,002.00. According to the terms of the card's lending agreement, an interest rate of 14% per year is assessed and the monthly finance charges are calculated using the Average Daily Balance (ADB) including purchases method. During the month, Edison expects to make the purchases listed below and will make a payment of $675.15 on August 23 , and has collected the following additional information: Use the following table to help Edison estimate his monthly interest charge for August. One way by which Edison can increase his finance charges, everything else remaining constant, is to: Buy a larger number of more expensive items using your card. Make fewer, less expensive purchases. Make larger or more frequent paymentsStep by Step Solution
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