Credit card interest A bank credit card charges interest at the rate of 21% per year, compounded monthly. If a senior in college charges $1500 to pay for college expenses and intends to pay it in one year, what will he have to pay?
Credit card interest A bank credit card charges interest at the rate of 21% per year, compounded monthly. If a senior in college charges $1500 to pay for college expenses and intends to pay it in one year, what will he have to pay?
BenoguigoliB
2020-12-01
Answered
You can still ask an expert for help
Expert Answer
dieseisB
Answered 2020-12-02
Author has 85 answers
If P dollars are deposited in an account earning interest at an annual rate r, compounded n times each year, the amount A in the account after t years is given by
P=%1500
r=21%=0.21
Thus,
Use calculator,
Final statement:
The amount needs to pay is $1847.16.
P=%1500
r=21%=0.21
Thus,
Use calculator,
Final statement:
The amount needs to pay is $1847.16.
Not exactly what you’re looking for?
This is helpful
Jeffrey Jordon
Answered 2021-11-04
Author has 2087 answers
Relevant Questions
asked 2020-10-27
To calculate: The probability that the selected student of 17-26 age group has received an "A" in the course.
Given Information:
A table depicting the grade distribution for a college algebra class based on age and grade.
Given Information:
A table depicting the grade distribution for a college algebra class based on age and grade.
asked 2022-04-15
Find the exponential model that fits the points shown in the table. (Round the exponent to four decimal places.)
| x | 0 | 5 |
|---|---|---|
| y | 3 | 1 |
asked 2021-09-13
For the following exercises, determine whether the equation represents exponential growth, exponential decay, or neither. Explain. y=300(1−t)^5
asked 2022-06-13
Is there a genuinely respectable published expository account of what power series are used for, of which a substantial portion would be comprehensible to those first learning of power series in a first-year calculus course?
(I think it's a flaw in the way mathematics is conventionally taught that one first learns answers to questions like this only by taking a later course for which the one introducing the concept is a prerequisite, and one has no prior notice of which course that might be. And in the case of power series, there are many such courses, but still very few compared to the number of courses a student might later take, so the situation is worse.)
(I think it's a flaw in the way mathematics is conventionally taught that one first learns answers to questions like this only by taking a later course for which the one introducing the concept is a prerequisite, and one has no prior notice of which course that might be. And in the case of power series, there are many such courses, but still very few compared to the number of courses a student might later take, so the situation is worse.)
asked 2021-02-09
To calculate: The probability that the selected student received an "A" in the course.
Given Information:
A table depicting the grade distribution for a college algebra class based on age and grade.
Given Information:
A table depicting the grade distribution for a college algebra class based on age and grade.
asked 2021-03-11
Find the x-and y-intercepts of this equation.
asked 2021-01-10
Grades in three tests in College Algebra are 87,59 and 73.
The average after final is 75
To calculate:The points needed on the final to average the points to 75.
The average after final is 75
To calculate:The points needed on the final to average the points to 75.
