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You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)A. What is the weekly interest rate?B. How much interest is charged on the first week?

Question

You have a credit card with a balance of $1,500 and APR of 15% (assume simple interest)
A. What is the weekly interest rate?
B. How much interest is charged on the first week?

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Step 1

There are 52 weeks in an year. Annual percentage rate = 15%. Therefore, weekly interest rat...

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