Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. applied activity part-1 bus 1212 you are using a c

APPLIED ACTIVITY PART-1 BUS 1212 You are using a credit card. You cashed out the...

90.2K

Verified Solution

Question

Accounting

image
APPLIED ACTIVITY PART-1 BUS 1212 You are using a credit card. You cashed out the money from credit card and it is now acting as a loan for you. You took the cash out amount Range ($5200-$5800, take any amount between this range up to 2 decimal places: just for making it individual for everyone, as no two persons can have the same amount) The rate of interest is Range (28% -32% p.a. compounded daily, take any value in this range up to 4 decimal places: just for making it individual for everyone, as no two persons can have the same rate). You need to pay this amount Range (2-8 months, take any value in this range up to 2 decimal places: just for making it individual for everyone, as no two persons can have the same time) Find out the effective rate of interest by which you are actually paying this loan taken from Credit Card. Find out the amount you are paying back to pay this loan. Complete the activity by showing all the steps neatly. All the Best

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students