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

Question

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:

amm1812 · Answer 1 · 2022-07-08T08:46:42+03:00

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] · Answer 2 · 2022-07-08T10:04:06+03:00

den301095 [7]3 years ago

6 0

Answer:

c. $8000

Step-by-step explanation: