Multiple Choice
Fred has a credit card which uses the previous balance method and charges 21 percent annual interest compounded daily, and has a 30 day billing period. He put a $7900 expense on his card and could not pay it off until eight days after the due date when he received his paycheck. How much does he owe in total at that time?
A) $8038.25
B) $7936.36
C) $8036.36
D) Insufficient information
Correct Answer:
Verified
Correct Answer:
Verified
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