You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. Let’s assume th
at you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%. What is the growth factor of your credit card balance?
Every month your balance includes the original amount (100%) and the added the monthly interest (1.42%) so each month the balance will be 101.42% of pior month's balance move the decimal point two points two places to the left to make that into a decimal
