Jack has $800 in credit card debt that has a 18 % yearly interest rate, as well as $1,700 in a savings account that pays only 5 % interest. Calculate the annual loss Jack takes, according to traditional economics. Write the exact answer. Do not round.

Jack has $800 in credit card debt that has a 18 % yearly interest rate, as well as $1,700 in a savings account that pays only 5 % interest. Calculate the annual loss Jack takes, according to traditional economics. Write the exact answer. Do not round.

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

Jack has $800 in credit card debt that has a 18 % yearly interest rate, as well as
$1,700 in a savings account that pays only 5 % interest.
Calculate the annual loss Jack takes, according to traditional economics. Write the
exact answer. Do not round.

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