Question
Thomas has a new credit card with an APR of 10.99% and a credit limit of $1600. The minimum monthly payment is 6.5% of the
Thomas has a new credit card with an APR of 10.99% and a credit limit of $1600. The minimum monthly payment is 6.5% of the new balance. If Thomas purchases $400 in hunting supplies at the beginning of the month, what will be Thomas's new balance at the end of the month?
Express your answer rounded to the nearest cent.
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International Financial Management
Authors: Cheol S. Eun, Bruce G.Resnick
6th Edition
71316973, 978-0071316972, 78034655, 978-0078034657
