Question
Your credit card has a quoted interest rate of 20.99% compounded semi-annually. At the start of January you have a balance of 3200$ on your
Your credit card has a quoted interest rate of 20.99% compounded semi-annually. At the start of January you have a balance of 3200$ on your account. How much should you pay every two weeks in order to have a balance of only 800$ left at the end of June? (approximately 26 weeks) A. 200 $ B. 259$ C. 318$ D. 400$ E. Cannot be calculated
Please calculate for putting into a financial calculator so PV= FV= etc and if possible, for N, C/Y and P/Y please explain why each is equal to what it is. I understand how to do it im just lost with the theory of how to determine P/Y.
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