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Math · Advanced Math
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Question 2. There are two sub-questions in the caleulation for cash flow caleulation, please write down your answers on corresponding blank positions (Totally 20 marks). A credit card company ofters an instant credit scheme. If you withdraw money on the credit card, the company will charge you a minimum $6 processing charge if the withdrawal is less than $200, and a charge of 3% of your total withdrawal if the withdrawal is greater than S200. In addition, the company will charge & 12% interest rate, compounded daily, on payment of the cash withdrawal plus any charges. (1) What is the effective interest rate the company char ge yeu if you use eash from credit eard? (4 marks)
(2) If you withdraw $120 and pay it over a five month period, what is your monthly payment? What is the effective interest rate (list the ratio, neednt get the accurate results)? (8 marks) (3) If you withdraw S1,500 and pay it over a ten month peried, what is the nionthly paymeat? What is the effective interest rate (list the ratio, neednt get the aceurate results)7 (8 marks)
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