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Ch $6$ Assignment

i$.$

Submitted

$\frac{6\mathrm{.}25}{10}$

$(3)$ You received no credit for this question in the previous attempt.

$1$

$\frac{0}{1}$

points awarded

Scored

$$

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 thereafier to $173$ 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 and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[$Interest $$7,86900$