[solved]-Q1 If You Have A Credit Card With 14 4 Apr A What Is Your Monthly Interest Rate

Q1. If you have a credit card with 14.4% APR

a.    What is your monthly interest rate and what is your annual effective interest rate?

b.    If you have an outstanding balance of $1,800 on that card what would be the balance if you skipped 4 months payments (ignore credit card fees and penalties)

Expert Answer

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