Hey guys,
I'm about four hours away from my final and on hour 20 of staying awake. I'm planning on taking a quick nap before the final. I've been going through all the questions from previous unit tests and have tried to solve them all again to make sure I fully understand them, however I could use some help on this one. (I apologize for the sudden post of all the questions within the last couple of hours)
I'm confused about the 'IV' policy.
If I were calculating this normally I would firstly calculate the remaining balance and calculate the interest on that amount.
1818.30 - 1400.00 = 418.30
418.30(0.21)(28/365) = 6.73
418 + 6.74 = 424.74
How do I apply the policy note to this question?
Thank you
June
I'm about four hours away from my final and on hour 20 of staying awake. I'm planning on taking a quick nap before the final. I've been going through all the questions from previous unit tests and have tried to solve them all again to make sure I fully understand them, however I could use some help on this one. (I apologize for the sudden post of all the questions within the last couple of hours)
I'm confused about the 'IV' policy.
If I were calculating this normally I would firstly calculate the remaining balance and calculate the interest on that amount.
1818.30 - 1400.00 = 418.30
418.30(0.21)(28/365) = 6.73
418 + 6.74 = 424.74
How do I apply the policy note to this question?
Thank you
June