The following information appears on your most recent credit card bill: Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% a) Find the periodic rate. (Round to 2 decimal places) b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.) c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
The following information appears on your most recent credit card bill: Statement Date 03/1/2019 Previous Balance 154.32 Previous Payment 154.32 New Balance $145.79 Annual Percentage Rate 15.50% a) Find the periodic rate. (Round to 2 decimal places) b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.) c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
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
- The following information appears on your most recent credit card bill:
Statement Date |
03/1/2019 |
Previous Balance |
154.32 |
Previous Payment |
154.32 |
New Balance |
$145.79 |
Annual Percentage Rate |
15.50% |
a) Find the periodic rate. (Round to 2 decimal places)
b )How much interest will you pay on this statement.(Note :You paid off your entire balance last month.)
c)If you make a payment of $50, what will your balance be after your payment (Before your next statement (04/1/2019))
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