Use formulas to calculate information and payment penalties on credit card accounts:
Financial Management: The student will use algebraic formulas, numerical techniques and graphs to solve problems related to financial planning.
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Monthly payment M = Pr(1+r)ⁿ/(1+r)ⁿ − 1
Effective interest rate i(subscript eff) = (1 + i/12)¹² − 1
Average daily balances b = Σ daily balances/Total days
Payoff time n = log (M/(M−pr))/log (1 + r)