Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have a $ 2 , 1 5 0 balance on your 1 5 % credit card. You have lost your job and been unemployed

You have a $2,150 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?
Note: Round your answers to the nearest cent.
b. How much interest will have accrued?
Note: Round your answer to the nearest cent.
A. Amount owed 1 month-2 months-3 months-4 months-5 months-6 months B. How much interest will have accrued? Note: Round your answer to the nearest hundredth percent. C. What will be the effective rate of interest after the 6 months?
Note: Round your answer to the nearest hundredth percent.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Financial Management For Nurse Managers Merging The Heart With The Dollar

Authors: Janne Dunham-Taylor, Joseph Z. Pinczuk

1st Edition

1284031039, 9781284031034

More Books

Students also viewed these Finance questions