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  • 5 years ago

Your credit card overdraft is $1500. The bank charges interest at a rate of 19% (continuous). If you do not spend on your credit card: (a) how much would the overdraft be after 3 years (if you did not pay off any of the debt)? (b) Suppose you did pay off the debt - how much would you have to pay off each year (continuously) to clear the debt in 3 years?

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  1. anonymous
    • 5 years ago
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    a) $2652.4

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