You have a total credit card debt of $4800.You receive an offer to transfer this debt to a new card with an introductory APR of 6.5% for the first 3 months. After that, the rate becomes 23%. a) What is the monthly interest payment on $4800 during the first 3 months? (Assume you pay nothing toward principal and don't charge any further amount on the new card) b) What is the monthly interest payment on $4800 after the first 3 months?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
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You have a total credit card debt of $4800.You receive an offer to transfer this debt to a new card with an introductory APR of 6.5% for the first 3 months. After that, the rate becomes 23%.
a) What is the monthly interest payment on $4800 during the first 3 months? (Assume you pay nothing toward principal and don't charge any further amount on the new card)
b) What is the monthly interest payment on $4800 after the first 3 months?
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