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oksano4ka [1.4K]

2 years ago

6

You have a credit card with an initial balance of $3,168.00 and an interest rate of 12.75% apr. if you make no payments on the c

ard for three months, how much is your balance by the end of the third month? $3,860.43 $3,270.06 $3,201.66 $3,571.92

2 answers:

zaharov [31]2 years ago

7 0

A=p(1+i/m)^mn
P=3168
i=0.1275
M=12
n=3/12
A=3,168×(1+0.1275÷12)^(12*3/12)
A=3,270.06

Sever21 [200]2 years ago

5 0

Answer:

Your balance by the end of the third month is $3270.06

Step-by-step explanation:

We are given

P=$3168

$r=\frac{0.1275}{12} =0.010625$

n=3

now, we can use formula

$A=P(1+r)^n$

now, we can plug values

$A=3168(1+0.010625)^3$

$A=3270.06$

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