Solution-What will be effective rate of interest after the

What will be effective rate of interest after the 6 month

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Reference no: EM131318134

You have a $1,100 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card.

a. How much will you owe on the credit card if you have not made a payment for 6 months? (Round your answers to the nearest cent.)

	Amount owed
1 month	$
2 months	$
3 months	$
4 months	$
5 months	$
6 months	$

b. How much interest will have accrued? (Round your answer to the nearest cent.)

Interest accrued $

c. What will be the effective rate of interest after the 6 months? (Round your answer to the nearest hundredth percent.)

Effective rate of interest %

Reference no: EM131318134

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What will be effective rate of interest after the 6 month

Reference no: EM131318134

Reference no: EM131318134

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