High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in interest rate is r% can be approximated by the equation shown below.+ + 0.663 = r I 175.393 If the credit card interest rate is 15.8%, find the amount of interest paid during the 3 years. I = $
High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in interest rate is r% can be approximated by the equation shown below.+ + 0.663 = r I 175.393 If the credit card interest rate is 15.8%, find the amount of interest paid during the 3 years. I = $
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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![High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the
interest rate is r% can be approximated by the equation shown below.+
I
175.393
+ 0.663 = r
If the credit card interest rate is 15.8%, find the amount of interest paid during the 3 years.
I = $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F758accb3-0c05-4879-b256-e4f3a293d375%2F080e9ff8-720e-4318-aa79-03b78ca641ef%2Fvwby64a_processed.png&w=3840&q=75)
Transcribed Image Text:High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the
interest rate is r% can be approximated by the equation shown below.+
I
175.393
+ 0.663 = r
If the credit card interest rate is 15.8%, find the amount of interest paid during the 3 years.
I = $
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