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II. Solve the following problems involving credit cards. Round your answers to the nearest hundredth. 12. If the APR on a credit card is 22.2%, what is the monthly interest rate? 13. The average daily balance for Dave's last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. a) What is the monthly interest rate? b) What is the finance charge for the month?

II. Solve the following problems involving credit cards. Round your answers to the nearest hundredth. 12. If the APR on a credit card is 22.2%, what is the monthly interest rate? 13. The average daily balance for Dave's last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. a) What is the monthly interest rate? b) What is the finance charge for the month?

Essentials Of Investments
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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II. Solve the following problems involving credit cards. Round your answers to the nearest hundredth. 12. If the APR on a credit card is 22.2%, what is the monthly interest rate? 13. The average daily balance for Dave's last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. a) What is the monthly interest rate? b) What is the finance charge for the month?
Transcribed Image Text:II. Solve the following problems involving credit cards. Round your answers to the nearest hundredth. 12. If the APR on a credit card is 22.2%, what is the monthly interest rate? 13. The average daily balance for Dave's last credit card statement was $1,213.44, and he had to pay a finance charge. The APR is 20.4%. a) What is the monthly interest rate? b) What is the finance charge for the month?
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