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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 55
Calculate the missing information on the following revolving credit accounts. Interest is calculated on the unpaid or previous month's balance.
Anny Winslow has a Bank of America revolving credit account with an annual percentage rate of 12% calculated on the previous month's balance. Answer the questions that follow using the monthly statement below.
a. What is the finance charge?
b. What is Anny's new balance?
Anny Winslow has a Bank of America revolving credit account with an annual percentage rate of 12% calculated on the previous month's balance. Answer the questions that follow using the monthly statement below.
a. What is the finance charge?
b. What is Anny's new balance?
Explanation
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The given data is the previous balance i...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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