Ch $6$ Assignment

$($i$)$

Submitted

$\frac{3\mathrm{.}5}{10}$

Tot

You received no credit for this question in the previous attempt.

$1$

$\frac{0}{1}$

points awarded

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References

Problem $6-31$ Calculating Interest Expense $[$LO$2]$

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of $5$ percent per year, compounded monthly for the first six months, increasing thereafter to $17\mathrm{.}3$ percent compounded monthly. Assume you transfer the $$6,300$ balance from your existing credit card and make no subsequent payments. How much interest will you owe at the end of the first year? $($Do not round intermediate calculations elfind round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[$Interest $,$$$13,105\mathrm{.}18$