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Irina-Kira [14]
3 years ago
6

You have just graduated from college and purchased a car for $8000. Your credit limit is $11,000. Assume that you make no paymen

ts and purchase nothing more and that there are no other fees. The monthly interest rate is 2%. What is your initial credit card balance?
Mathematics
2 answers:
amm18123 years ago
7 0
Assume the graduate put the purchase on his card.
then
Initial balance = $8000 on the first statement (+fees and interest charges, if any)
That means he owes the card issuer $8000.
Credit balance is what the issuer owes the card holder, which is zero.
den301095 [7]3 years ago
6 0

Answer:

c. $8000

Step-by-step explanation:

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