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You spend $500 on your credit card. You realize you don't have enough money to pay have to pay the interest on this loan. The credit card company charges 20% per annum compounded daily. You won't be able to pay back until you get your birthday money in 7 months (210 days). How much will you pay at the end of 7 months? How much interest are you! paying? back the $500 You will

You spend $500 on your credit card. You realize you don't have enough money to pay have to pay the interest on this loan. The credit card company charges 20% per annum compounded daily. You won't be able to pay back until you get your birthday money in 7 months (210 days). How much will you pay at the end of 7 months? How much interest are you! paying? back the $500 You will

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You spend $500 on your credit card. You realize you don't have enough. money to pay back the $500. You will have to pay the interest on this loan. The credit card company charges 20% per annum compounded daily. You won't be able to pay back until you get your birthday money in 7 months (210 days). How much will you pay at the end of 7 months? How much interest are you paying?
Transcribed Image Text:You spend $500 on your credit card. You realize you don't have enough. money to pay back the $500. You will have to pay the interest on this loan. The credit card company charges 20% per annum compounded daily. You won't be able to pay back until you get your birthday money in 7 months (210 days). How much will you pay at the end of 7 months? How much interest are you paying?
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