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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.

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Multiplication is the process of multiplying. The total number of cupcakes that are produced by the 3 girls is 44.

<h3>What is multiplication?</h3>

Multiplication is the process of multiplying, therefore, adding a number to itself for the number of times stated. For example, 3 × 4 means 3 is added to itself 4 times, and vice versa for the other number.

Given that Tammy baked a batch of 20 cupcakes and Daniella baked 4/5 as many cupcakes as Tammy. Therefore, the number of cupcakes made by Daniella is,

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