You have a $1,100 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card.
a. How much will you owe on the credit card if you have not made a payment for 6 months? (Round your answers to the nearest cent.)
|
Amount owed |
| 1 month |
$ |
| 2 months |
$ |
| 3 months |
$ |
| 4 months |
$ |
| 5 months |
$ |
| 6 months |
$ |
|
b. How much interest will have accrued? (Round your answer to the nearest cent.)
c. What will be the effective rate of interest after the 6 months? (Round your answer to the nearest hundredth percent.)