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Practice Exam

Question 35 • Personal Finance

This table can be used to organize Gigi’s credit card balances and payments over 6 months. The annual percentage rate on the credit card is 14 percent Gigi’s Credit Card Payments Month Balance Payment Interest Rate Interest Charged 1 650 dollars 300 dollars 0 point 0 1 1 6 7 4 point 0 8 dollars 2 354 point 0 8 dollars 50 dollars 0 point 0 1 1 6 7 3 307 point 6 3 dollars 50 dollars 0 point 0 1 1 6 7 4 260 point 6 4 dollars 50 dollars 0 point 0 1 1 6 7 5 213 point 1 0 dollars 50 dollars 0 point 0 1 1 6 7 6 165 dollars 50 dollars 0 point 0 1 1 6 7 What is the amount of interest charged for the first 6 months?

Answer

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16.34

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