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The Boston Globe reported on August 21 2009 credit card companies cut limits on 58 million cardholders spanning from May 2008 to April 2009 This affected about one-third of American consumers

The Boston Globe reported on August 21, 2009, credit card companies cut limits on 58 million cardholders spanning from May 2008 to April 2009. This affected about one-third of American consumers. Surprisingly, many of these consumers had good credit scores. Dionne McGrady had planned on using a 0% interest for a year transfer credit card offer to make $8,500 worth of home improvements before her credit limit was cut. Because of this cut, she had to take out a loan to finance the project. She was offered an 11%, 10% down, 12-month loan. What is her monthly payment to the nearest cent (use loan amortization table)? What will the reduction in credit limit cost her?

May 21 2020 View more View Less

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