Brandon has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest
1 answer:
The amount which Brandon have saved in interest by consolidating the two balances on the card with the lower interest rate is $256.12.
<h3>What is monthly payment?</h3>Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.
It can be calculated with the following formula.
Here, (<em>P</em>) is the principal amount, (<em>r</em>) is the interest rate and (<em>t</em>) is time.
Brandon has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest rate.
The table below shows the information about the two credit cards Brandon currently uses.
- Cards Amount APR Monthly Payment
- Card a $1,463.82 13% $24.60
- Card b $1,157.98 17% $22.14
Interest rate for the card a is,
The time period is 8 years and there are 12 months in one year. Thus, the monthly payment of card A will be,
In the 8 years, there is total 96 monthly payments. Thus, the total payment by card A is,
For the card B the monthly payment is $22.14. Thus the total payment by card B is,
The difference in the payment is,
Hence, the amount which Brandon have saved in interest by consolidating the two balances on the card with the lower interest rate is $256.12.
Learn more about the monthly payment here;
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1) The domain is [0,300]. The range is [0,250]
2) The slope for the initial climb is 3.57. The equation of the line is
3) The rate of change of the second hill is -1.4
4) The rate of change of the third hill is -2.1
5) The blue hill is steeper
6) It is not a function
Step-by-step explanation:
1)
The domain of a function is the set of values of x (the input) for which the function itself is defined.
Instead, the range of a function is the set of values of y (the output) that the function can take.
To find the domain, we have to look at the x-axis and see for which values of x the function is defined. By looking at the graph, we see that the function is defined between
x = 0 and x = 300
So, the domain is [0,300].
To find the range, we have to look at the y-axis and see for which values of y the function has an output. By looking at the graph, we see that the function has values of y between
y = 0 and x = 250
So, the range is [0,250].
2)
The slope of a function in a certain range is given by
where
is the change in the y-coordinate
is the change in the x-coordinate
For the initial climb (pink line), we have:
Therefore, the slope in this part is
We can now write the equation of the line in the form
y = mx + b
where b is the y-intercept: since it is zero, the line has simply the form
3)
Again, to calculate the slope of the hill, we use:
where
is the change in the y-coordinate
is the change in the x-coordinate
For the green hill, we have:
So the rate of change is
4)
As before, the rate of change of the hill is
For the blue hill, we have:
So the rate of change is
5)
To know which hill is steeper, we need to compare the magnitude of their rate of change.
In fact, both hills have rate of change negative - because we are going down along the slope. Therefore, we have to consider the magnitude of their slope.
For the green hill:
For the blue hill:
We see that the blue hill has a greater slope (in magnitude): therefore, the blue hill is steeper.
6)
A function is defined as a mapping (operation between two sets of variables) in which to one value of x (the input) corresponds one and only one value of y (the output).
This means that a function cannot have multiple values of y for the same x (the input).
By looking at the graph, we see that this function does not respect this criterium: in fact, we see that certain values of x give multiple values of the output, y (for instance, at x=300 the function has two values). So, this is not a function.
Learn more about functions:
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