You have an outstanding balance of 1000 on your credit card, Financial Management

You have an outstanding balance of 1000 on your credit card

You have an outstanding balance of $1,000 on your credit card. The bank that issued your credit card will charge you 20% annual interest rate on your outstanding credit card balance. Interest is compounded daily. IF you do not make any payments of principal over one year, your credit card balance will grow by 20% to $1,200.

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Financial Management: You have an outstanding balance of 1000 on your credit card

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Financial Management: You have an outstanding balance of 1000 on your credit card

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