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March 27, 2017

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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 - ,

    .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 - ,

    Thank you!

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