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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 7
John Dugan's revolving credit account has an annual percentage rate of 15%. The previous month's balance was $428.10. During the current month, his purchases and cash advances amounted to $281.15 and his payments and credits totaled $150.00.
a. What is the monthly periodic rate of the account
b. What is the finance charge
c. What is John's new balance
a. What is the monthly periodic rate of the account
b. What is the finance charge
c. What is John's new balance
Explanation
Verified
Verified
Here,
Annual percentage rate = 15%
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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