Question
You have an outstanding balance of $1,000 on your credit card. The bank that issued your credit card will charge you 20% annual interest rate
You have an outstanding balance of $1,000 on your credit card. The bank that issued your credit card will charge you 20% annual interest rate on your outstanding credit card balance. Interest is compounded daily. IF you do not make any payments of principal over three years, your credit card balance will grow to over $4,000. True Or False?
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Fundamentals Of Financial Management
Authors: James Van Horne, John Wachowicz
13th Revised Edition
978-0273713630, 273713639
