Homework Help: math

Posted by Anonymous on Sunday, July 15, 2012 at 9:04pm.

Calculating Annuities, Payment Plans & Amortization: A Sears Revolving Charge Card has a monthly rate of 1.75%. the interest is a minimum of $0.50 if the average daily balance is $28.50 or less. Explain how this policy is beneficial to Sears

math - Reiny, Sunday, July 15, 2012 at 10:51pm
.0175(28.50) is 50 cents, so at any balance less than that, an interest charge of 50 cents would represent a rate higher than 1.75% per month
math - Anonymous, Sunday, July 15, 2012 at 11:37pm
Thank you!

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