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Q9 Lucy is charged interest of 19.99% per annum on her credit card Date Lucy withdrew $300 as a cash advance from her credit card.
Q9 Lucy is charged interest of 19.99% per annum on her credit card | ||
Date | ||
Lucy withdrew $300 as a cash advance from her credit card. | 1.Dec | |
Lucy received her credit card statement, showing a minimum balance owing of $10, due by January 12 | 31.Dec | |
Lucy paid the minimum balance of $10 | 12.Jan | |
Lucy paid the minimum balance of $10 | 12.Feb | |
Lucy paid the minimum balance of $10 | 12.Mar | |
Lucy paid the full balance owing | 1.Apr | |
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 at the end of March? | ||
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