If your credit card calculates interest based on 17.85% APR. compounded monthly: (a) What are your monthly
Question:
If your credit card calculates interest based on 17.85% APR. compounded monthly:
(a) What are your monthly interest rate and annual effective interest rate?
(b) If your current outstanding balance is $2,500 and you skip payments for two months, what would be the total balance two months from now?
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