23 Jul WHAT WOULD BE THE CREDIT CARD BALANCE AT THE END OF THE FIRST YEAR?
Question [1]: Maria Anguianos current salary is $65000 per year and she is planning to retire 25 Show more Question [1]: Maria Anguianos current salary is $65000 per year and she is planning to retire 25 years from now. She anticipates that her salary will increase $3000 per year ($65000 in the first year $68000 in the second year ans so forth). She plans to deposit 5% of her annual salary into a reirement fund that earns 7% interest compunded DAILY. What will be the amount accumlated at the time of her retirement? ========================================================== Qustion [2]: Assume that you recived a credit card offer from Sun Bank offering an intoductory rate (APR) of 2.9% compunded monthly for the first six months increasing thereafter to be 17% (APR) compunded monthly. THis offer is good as long as you transfer your current debt from your existing card. Assuming that you will transfer $3000 balance and that you will continue to make $100 monthly payment (without making any subsequent purchases) What would be the credit card balance at the end of the first year? Show less
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