A department store charges 12% interest on the unpaid balance of customer charge accounts. A customer owes
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Question:
A department store charges 12% interest on the unpaid balance of customer charge accounts. A customer owes $140, and the bill goes unpaid for 4 months. How much will the customer have to repay after 4 months? Interest is compounded monthly (note that the 12% is an annual rate).
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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