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anonymous
 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?
anonymous
 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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