Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a backup. You plan to request your limit to be raised after three months of charging only the following: $150 in month 1; $200 in month 2; and $199 in month 3. Each month you have paid the balance in full. What average percentage of your credit limit did you use each month?
Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a backup. You plan to request your limit to be raised after three months of charging only the following: $150 in month 1; $200 in month 2; and $199 in month 3. Each month you have paid the balance in full. What average percentage of your credit limit did you use each month?
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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1. Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a backup. You plan to request your limit to be raised after three months of charging only the following: $150 in month 1; $200 in month 2; and $199 in month 3. Each month you have paid the balance in full. What average percentage of your credit limit did you use each month?
Transcribed Image Text:1. Your card has a limit of $1,000. You plan to go on a honeymoon in one year and want to use the credit card as a backup. You plan to request
your limit to be raised after three months of charging only the following: $150 in month 1; $200 in month 2; and $199 in month 3. Each month
you have paid the balance in full. What average percentage of your credit limit did you use each month?
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