How much will you owe on the credit card if

| August 30, 2017

Question
You have a $2,200 balance on your 12% 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 Principal
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.)

Interest accrued $

c.
What will be the effective rate of interest after the 6 months? (Round your answer to the nearest hundredth percent.)

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