ACTB40 Study Guide - Final Guide: University Of Toronto Scarborough, Scientific Calculator, Savings Account
19 Jul 2019
School
Department
Course
Professor
Document Summary
Examination aids allowed: non-programmable scientific calculator, formula sheet (provided with exam paper) Instructions: there are 12 questions on 16 pages in total (including this cover sheet) for this exam, write your student number at the top of each page, answer all questions directly on the examination paper. Consider a credit card with an apr of 20%, compounded monthly, which charges interest in the following way: Within each month, any balance or purchase accumulates simple interest at the effective monthly rate implied by the above apr. The accumulated interest within each month is charged to the card at the end of the month, i. e. interest compounds from month-to-month. Assume all months have 30 days and interest is charged on the last day of the month (i. e. day 30, 60, 90 etc). If you only make a purchase of ,000 on day 10 and a payment of. on day 60, find the balance of the credit card on day 90.
