You have just graduated from college and purchased a car for $7000. Your credit limit is $12,000. Assume that you make no payments and purchase nothing more and that there are no other fees. The monthly interest rate is 8%. What is the growth factor of your credit card balance?

Question

Revolt · Accepted Answer

1.08

Population Growth

You have just graduated from college and purchased a car for $7000. Your credit limit is $12,000. Assume that you make no payments and purchase nothing more and that there are no other fees. The monthly interest rate is 8%. What is the growth factor of your credit card balance?

Explanation

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