Principles of Accounting|BUSI 293|University of British Columbia
You have a credit card that charges an APR of 27%. You make a variable amount of charges each month (see below) but you make the same payment amount each month: $250. If you start with a balance of $0 and borrow the amounts indicated below, what would be the balance owed at the end this year. Month Borrowed amount June $280 July $320 August $400 September $300 October $200 November $180 December $350 January $150 February $250 March $210 April $200 May $280 Balance after these 12 months: ?