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Part 2: Credit card interest is 19%, statement date May 1st to May 31st Statement...

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Part 2: Credit card interest is 19%, statement date May 1st to May 31st Statement indicates a payment due date of June 21st (21 days grace) Make a purchase of $750 on May 18th Make a second purchase of $300 on May 25th How much Interest have you aid, and what is the balance owing under each of the 3 different scenarios 3. Pay $400 on June 20th 1. Pay the full balance on June 13th 2. Pay the minimum payment (which is $10 or 3% of the outstanding balance) on June 20th Interest owed under scenario #2: Interest owed under scenario #1: Interest owed under scenario #3: Credit Card Balance as of July 1st Credit Card Balance as of July 1st Credit Card Balance as of July 1st Under scenario #1 Under scenario #2 Under scenario #3

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