Geneviève is in her first year at Concordia. She is originally from Quebec City but lives near the university in downtown Montreal during the school year. She has been approached by the Bank of Montreal for a BMO Cashback Mastercard for students for her first credit card. What would be Geneviève's effective interest rate on her credit card if she took a cash advance? Hint: use the credit card details below as well as 365 days for compounding. Details and eligibility No Annual Fee $0 Purchases 20.99% Cash advances 22.99% (21.99 % for Quebec residents)
Geneviève is in her first year at Concordia. She is originally from Quebec City but lives near the university in downtown Montreal during the school year. She has been approached by the Bank of Montreal for a BMO Cashback Mastercard for students for her first credit card. What would be Geneviève's effective interest rate on her credit card if she took a cash advance? Hint: use the credit card details below as well as 365 days for compounding. Details and eligibility No Annual Fee $0 Purchases 20.99% Cash advances 22.99% (21.99 % for Quebec residents)
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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Question
G.325.
Transcribed Image Text:2)
Geneviève is in her first year at Concordia. She is originally from Quebec City but lives
near the university in downtown Montreal during the school year. She has been
approached by the Bank of Montreal for a BMO Cashback Mastercard for students
for her first credit card. What would be Geneviève's effective interest rate on her credit
card if she took a cash advance? Hint: use the credit card details below as well as 365
days for compounding.
Details and eligibility No Annual Fee $0 Purchases 20.99%
Do I qualify?
Estimated Credit Score
Personal Income
N/A
Household Income
N/A
Canadian resident who has reached the provincial
age of majority.
a) 25.85%
b) 24.59%
c) 23.67%
d) 24.47%
e) 26.32%
300-559
H
Fees
Annual Fee
Extra Card Fee
Card type
Cash advances 22.99%
(21.99 % for Quebec residents)
$0
$0
Credit
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