Ryan Gray, a student at State College, has a balance of $330 on his retail charge card; if the store levies a finance charge of 22% per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Do not round intermediate calculations. Round the answer to 2 decimal places
Ryan Gray, a student at State College, has a balance of $330 on his retail charge card; if the store levies a finance charge of 22% per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Do not round intermediate calculations. Round the answer to 2 decimal places
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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Ryan Gray, a student at State College, has a balance of $330 on his retail charge card; if the store levies a finance charge of 22% per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Do not round intermediate calculations. Round the answer to 2 decimal places
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