Question: Provide a calculation that show: How much interest M&M will pay per year to the credit card company if they always have $1000 balance that

Provide a calculation that show:

How much interest M&M will pay per year to the credit card company if they always have $1000 balance that makes them pay 18% interest rate compound daily? (5 marks)

Assume based on the cash flow statement, the full amount of $1390 is sitting in a saving account that earns 5% compound annually, how much will be the interest earning?

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Interest Paid to Credit Card Company The formula for compound interest is given by A P1 rnightnt P W... View full answer

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