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You received a credit card application from Sun Bank offering an introductory raye of 2.9% per year compounded monthly for the first six months increasing thereafter to 17% compounded. monthly. This offer is good as long as you transfer your current debt from your existing card. Assuming that you will transfer $3,000 balance and that you will continue to make $100 monthly payment (without making any subsequent purchases) what would be the credit card balance at the end of the first year?

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Financial Management, Finance

Category:- Financial Management
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