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 2 years ago
More than 1 billion credit cards are in circulation in the United States. Many credit cards charge an annual percentage rate (APR) of 18.3%. The average American carries a credit card debt of approximately $8,600. Analyze and answer the following questions related to these facts and using what you learned in this lesson.
1. For a certain credit card, the total amount, A ,that a customer owes is given by the following formula. In the formula, P is the starting balance and n is the number of months of debt, assuming interest is compounded monthly. Suppose you begin with a credit card debt of
 2 years ago
More than 1 billion credit cards are in circulation in the United States. Many credit cards charge an annual percentage rate (APR) of 18.3%. The average American carries a credit card debt of approximately $8,600. Analyze and answer the following questions related to these facts and using what you learned in this lesson. 1. For a certain credit card, the total amount, A ,that a customer owes is given by the following formula. In the formula, P is the starting balance and n is the number of months of debt, assuming interest is compounded monthly. Suppose you begin with a credit card debt of

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