it is important to check your credit card bill each month. in the next section, you will carefully examine a…

it is important to check your credit card bill each month. in the next section, you will carefully examine a credit card statement and learn how to look for errors. most people would notice a major, expensive purchase that they did not make. a smaller, incorrect charge of $6, for example, might go unnoticed unless the entire statement was checked with a calculator. if one million credit card holders were each overcharged $6 each month for five years, what would be the total amount that debtors were overcharged, not including the extra finance charges? million

it is important to check your credit card bill each month. in the next section, you will carefully examine a credit card statement and learn how to look for errors. most people would notice a major, expensive purchase that they did not make. a smaller, incorrect charge of $6, for example, might go unnoticed unless the entire statement was checked with a calculator. if one million credit card holders were each overcharged $6 each month for five years, what would be the total amount that debtors were overcharged, not including the extra finance charges? million

Answer

Explanation:

Step1: Calculate the number of months in five years

Since there are 12 months in a year, for 5 years, the number of months (n = 5\times12=60) months.

Step2: Calculate the total over - charge per month

If there are 1 million ((10^{6})) credit - card holders and each is overcharged $6 per month, the total over - charge per month (m = 6\times10^{6}) dollars.

Step3: Calculate the total over - charge in five years

The total over - charge (T) is the product of the total over - charge per month and the number of months. So (T=m\times n=(6\times 10^{6})\times60). Using the rule of exponents (a\times10^{b}\times c\times10^{d}=a\times c\times10^{b + d}), we have (T = 6\times60\times10^{6}=360\times10^{6})

Answer:

360