Question
On Joey's credit card, interest is charged at a rate of 19.99% per annum. Dec 1st Joey withdrew $300 as a cash advance from his
On Joey's credit card, interest is charged at a rate of 19.99% per annum.
Dec 1st Joey withdrew $300 as a cash advance from his credit card.
Dec 31st Received the credit card statement, showing a minimum balance owing of $10, due by Jan 12
Jan 12 Joey pays the minimum balance of $10
February 12 Joey pays the minimum balance of $10
March 12 Joey pays the minimum balance of $10
April 1 Joey pays the full balance owing
a) Compute the amount of interest charged during the month of December?
b) What is the balance owing at the end of January?
c) What is the balance owing at the end of February?
d) What is the balance owing the end of March?
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