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You have a $1,950 balance on your 10% credit card. You have lost your job and been unemployed for 6 months. You have been unable
You have a $1,950 balance on your 10% 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? Note: Round your answers to the nearest cent. b. How much interest will have accrued? Note: Round your answer to the nearest cent. c. What will be the effective rate of interest after the 6 months? Note: Round your answer to the nearest hundredth percent
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