Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a $1,100 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable

You have a $1,100 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. a. How much will you owe on the credit card if you have not made a payment for 6 months? (Round your answers to the nearest cent.) b. How much interest will have accrued? (Round your answer to the nearest cent.) c. What will be the effective rate of interest after the 6 months? (Round your answer to the nearest hundredth percent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Statistics A Decision Making Approach

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

9th Edition

013302184X, 978-0133021844

Students also viewed these Finance questions

Question

=+c) Teachers ranking on their academic class of publications.

Answered: 1 week ago