1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the...
1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of $3,200. How much would the balance be 1 day later? Assume that the card compounds daily.
a. $3,200.00 b. $3,264.56 c. $3202.13 d. $3,211.18
2. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of $3,200. How much would the balance be 30 days later?
a. $3,200.00 b. $3202.13 c. $3,264.56 d. $3,211.18
Homework Answers
1. 24.31%/365= .000666
3200*(1+.000666)= 3202.13.
option c is correct.
2. 24.31%/365*30=.019981
3200*(1+.019981)=3264
option c is correct
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