A person acquires a new credit card and uses it to purchase goods costing 2 5 0

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Question:

A person acquires a new credit card and uses it to purchase goods costing

250

per month. At the end of each month the following events happen in the order given:

1 .

The

250

spent that month is added to the total debt.

2 .

The person pays back to the credit card company

5 %

of the total debt.

3 .

Interest is charged on the remaining debt at the rate of

2.2 %

per month and added to the debt.

You are asked to write a MATLAB script M

-

file to calculate how many months it takes for the debt to exceed

3000 (

the credit limit for the card

) .

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

See More Books

Posted Date: Feb 12, 2024 02:14 AM

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A person acquires a new credit card and uses it to purchase goods costing 2 5 0

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Heres a MATLAB script that calculates ... View the full answer

Intermediate Accounting

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