A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36% interest annually as default interest and the interest period is used daily in calculations. a) What is...

A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36% interest annually as default interest and the interest period is used daily in calculations.

a) What is the annual effective interest?

b) In how many months will he pay his debt if he pays 200 TL every month?

c) If he pays his debt in one go after 1 year, how many liras should he pay?

d) If he pays his debt in equal installments every month within 1 year, how much should he pay each month?

e) What is the real interest rate if the annual inflation is 28%?

f) What is the interest he will pay if he makes an agreement to pay his debt in 10000 TL one year later?

Jun 03, 2022

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A person spent 7000 TL with a credit card and could not pay his debt. Credit card applies 36% interest annually as default interest and the interest period is used daily in calculations. a) What is...

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