Credit Card Analysis
Here, the minimum is the interest + 1% of the balance. For this reason, it has to default at $15 minimum. Question 2: Impact of Interest Rates For 5% increase, the interest = (5%+15%) = 20%/12 = 1.7% of the balance per month’s total payment which results to $2,100 for a period...
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First order 15%
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