1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Xelga [282]
3 years ago
14

You charged 1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest, compound

ed monthly. If you make the minimum payments of $25 per month, how long will it take (to the nearest month) to pay off your balance
Mathematics
1 answer:
Grace [21]3 years ago
3 0

Answer:

  94 months

Step-by-step explanation:

You can use the amortization formula for this.

  A = P(r/12)/(1 -(1 +r/12)^(-n))

A is the monthly payment; P is the principal amount; r is the annual interest rate, and n is the number of months.

__

Filling in the numbers, we can solve for n:

  25 = 1000(0.26/12)/(1 -(1+0.26/12)^-n)

Multiplying by the denominator and dividing by 25, we have ...

  1 -(1+0.26/12)^-n = 1000(0.26)/(12(25)) = 13/15

Subtracting 13/15 and adding (1+0.26/12)^-n gives ...

  2/15 = (1+0.26/12)^-n

Taking logs turns this into a linear equation:

  log(2/15) = -n·log(1+0.26/12)

  n = log(15/2)/log(1+0.26/12) = 93.999

It would take 94 months, or 7 years 10 months, to pay off the balance.

_____

Your total of payments would be $2,350.

You might be interested in
Finding X in triangle
Nat2105 [25]

Answer:

x is 5 cm as the entire base is 10 cm, so 10/2 = 5

6 0
2 years ago
Select the best answer for the question.
zvonat [6]
They are supplementary because together they equal 180 B and D are vertical and so are A and C and they are also equal so the answer is D. Supplementary
6 0
3 years ago
Read 2 more answers
I need help with this<br>​
zzz [600]

Answer:

Yes because 5^2 + 12^2 = 13^2

Step-by-step explanation:

We can check using the Pythagorean theorem

a^2 + b^2 = c^2

5^2 + 12^2 = 13^2

25+ 144= 169

169 = 169

5 0
3 years ago
Read 2 more answers
What lowest terms 19/31
jonny [76]
The lowest terms for 19/31 would be 1
7 0
3 years ago
How do you express equivalent equation
ExtremeBDS [4]
Http://www.icoachmath.com/math_dictionary/equivalent_equations.html

Here's a website that might help
8 0
3 years ago
Other questions:
  • What interval includes all possible values of x, where –3(6 – 2x) ≥ 4x + 12?
    8·1 answer
  • Fraction equivalent to 0.0368
    5·2 answers
  • Answer this please!!!!
    12·1 answer
  • write a sample problem in which you factor a monomial from a polynomial. Then write and factor another problem that is a quadrat
    7·1 answer
  • I will give you Brainiest if you are right.
    9·2 answers
  • (10 points) help!!! Pls
    11·1 answer
  • BRAINIEST AND 10 POINTS <br> IREADY TEST
    11·1 answer
  • The last answer choice is (–3, 5) and (5, –3) pls help guys !
    9·1 answer
  • Anyone who answers gets 20 points.
    9·1 answer
  • HELP ME PLS!!!!<br> WILL GIVE BRAINLIEST, 5 STARS, AND THANKS!!!
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!