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Whitepunk [10]
4 years ago
7

You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. Let’s assume th

at you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%. What is the growth factor of your credit card balance?
Mathematics
1 answer:
attashe74 [19]4 years ago
8 0
Every month your balance includes the original amount (100%) and the added the monthly interest  (1.42%)  so each  month  the balance will be 101.42%  of pior month's balance move  the decimal point two points two places to the left to make that into a decimal 

So the answer is 101.42
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