Best Credit offer a credit card with an annual percentage rate of 14.98%, a 30 day statement period and a further 25 days interest free. Calculate the amount of interest charged on an outstanding balance of $625, given that the first purchase was made on the first day of the 30-day period and the balance was paid on day 69. Assume that no other purchases were made. (No dollar sign required)
Best Credit offer a credit card with an annual percentage rate of 14.98%, a 30 day statement period and a further 25 days interest free. Calculate the amount of interest charged on an outstanding balance of $625, given that the first purchase was made on the first day of the 30-day period and the balance was paid on day 69. Assume that no other purchases were made. (No dollar sign required)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 9FPE
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