3. Cynthia is a DJ in Kamloops. She has a MasterCard. Thecredit limit is $4000. Interest is 18.9%/yr, compounded daily.She used all her credit on the card to buy some new DJequipment. Cynthia took 49 d after the grace period to paythe balance.a) Do you think Cynthia was wise to buy the equipment withher credit card? Explain.b) How much interest did Cynthia pay?c) What other way might Cynthia have paid for herequipment?

Credit cards are one of the payment options available for making payments at pre-approved limits by…

Answered: 3. Cynthia is a DJ in Kamloops. She has…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Enzo borrowed $4800 from the bank for 18 months. The bank discounted the loan at 4.7%. How much was the interest? (State your result to the nearest penny). How much did Enzo receive from the bank? ( State your result to the nearest penny) What was the actual rate of interest? (State your result to the nearest hundredth of a percent.) Need only handwritten solution only (not typed one).
How do we work out how much was saved by making the partial payment? I know the answer is $26.91, but I don't know how to get there. Please help me. Polly Flynn borrowed $6,000 for 90 days at 7%. On day 20, Polly made a $2000 partial payment. (Assume ordinary interest) What is Polly’s ending balance due? How much did Polly save by making the partial payment?
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