OSarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She nade a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due ate of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe the entire balance is paid by May 15?
OSarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She nade a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due ate of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe the entire balance is paid by May 15?
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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Transcribed Image Text:2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She
made a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due
date of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe
if the entire balance is paid by May 15?
a. $52.08
b. $28.75
C. SO
d. $69.00
show calculations please
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