Answered: the card again. Given the following…

the card again. Given the following table, determine the value of Estuardo's initial purchase. The payment is a proportion of the balance due. Round your answer to the nearest penny.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

The table below shows a credit card balance
20 and 24 months after the Estuardo made
one large purchase. After that he never used
the card again. Given the following table,
determine the value of Estuardo's initial
purchase. The payment is a proportion of
the balance due. Round your answer to the
nearest penny.
Month Balance
20
$1,272.25
24
$1,020.50

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