Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you have been approved for a credit card which cha

You have been approved for a credit card which charges interest at a rate of...

80.2K

Verified Solution

Question

Accounting

image
image
You have been approved for a credit card which charges interest at a rate of 19.99%, In order to pay the least amount of interest on an outstanding balance which compounding frequency should you choose? Note: for this question 1 year =12 months, 1 year =52 weeks, 1 year =365 days (including leap years) bi-weekly = every two weeks; semi-monthly = two times (twice) per month semi-monthly monthly daily You have been approved for a credit card which charges interest at a rate of 19.99%. In order to pay the least amount of interest on an outstanding balance which compounding frequency should you choose? Note: for this question 1 year =12 months, 1 year =52 weeks, 1 year =365 days (including leap years) bi-weekly = every two weeks; semi-monthly = two times (twice) per month semi-monthly monthly daily

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Using internet and other resources, research a current theory of causes of SIDS To what extent is...

Medical Sciences
Q

Three charge particles are shown in the figure below, Q1=-11 nC (-3.50cm,0), Q2=3 nC (0,0) andQ3=7 nC...

Physics
Q

4 Hipotonik ortama konulan bir hayvan h cresi ile ilgili Su kaybederek plazmolize u rar...

Biology
Q

A card is drawn from a deck of playing cards What is the probability of...

Geometry
Q

3r D If tan 0 37 2 a sin 20 FORMULA IS BELOW sin 20...

Geometry
Q

Find the midpoint of the segment having the given endpoints 8 5 3 and 4...

Algebra
Q

Current Attempt in Progress In alphabetical order below are current asset items for Roland Company's...

Accounting
Q

Complete this problem and show your work, please Department A had 5,000 units of work...

Accounting
Q

Thrifty Markets, Inc., operates three stores in a large metropolitan area. The companys segmented absorption...

Accounting
Q

Which goods in transit would be recorded in inventory for a December 31 year end?...

Accounting
Q

Suppose a two-year pure discount bond (zero-coupon bond) is trading at 890, and a two-year...

Accounting
Q

Bruno's Lunch Counter is expanding and expects operating cash flows of $28,500 a year for...

Finance