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You have a carryover balance of $968 on a credit card that has a 15.99% annual percentage rate (APR). You want to focus solely on paying off the credit card, so no new purchases are made and a payment of 8% of the ending balance is made each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000. Provide your answer below: Month 1 2 Carryover Balance 968 Finance Charge Ending Balance Payment 73.16

You have a carryover balance of $968 on a credit card that has a 15.99% annual percentage rate (APR). You want to focus solely on paying off the credit card, so no new purchases are made and a payment of 8% of the ending balance is made each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000. Provide your answer below: Month 1 2 Carryover Balance 968 Finance Charge Ending Balance Payment 73.16

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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You have a carryover balance of $968 on a credit card that has a 15.99% annual percentage rate (APR). You want to focus solely on paying off the credit card, so no new purchases are made and a payment of 8% of the ending balance is made each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000. Provide your answer below: Month 1 2 Carryover Balance 968 Finance Charge Ending Balance Payment 73.16
Transcribed Image Text:You have a carryover balance of $968 on a credit card that has a 15.99% annual percentage rate (APR). You want to focus solely on paying off the credit card, so no new purchases are made and a payment of 8% of the ending balance is made each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000. Provide your answer below: Month 1 2 Carryover Balance 968 Finance Charge Ending Balance Payment 73.16
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