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Question: A bank recently announced an "instant cash" plan for holders of its bank credit cards. A cardholder may receive cash from the bank up to a preset limit (about $500). There is a special charge of the minimum of $15 or 4% made at the time the "instant cash" is sent to the cardholders. Each month the bank charges 1 1/2% on the unpaid balance. the monthly payment, including interest, may be as little as $10. Assume the cardholder makes the minimum monthly payment of $10. How many months are required to repay $150 of instant cash? How much interest is paid?
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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