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
soldier1979 [14.2K]
3 years ago
12

If a mechanic uses his credit card to pay for a compressor that costs $477.95 and does not pay on it until the second month, wha

t will the 1.5% monthly interest charge be at the end of the first month?
A. $7.17

B. $12.83

C. $15.43

D. $22.06
Mathematics
1 answer:
Rina8888 [55]3 years ago
4 0

Answer:

A. $7.17

Step-by-step explanation:

We have been given that a mechanic uses his credit card to pay for a compressor that costs $477.95 and does not pay on it until the second month.

We will use compound interest formula to solve our given problem.

A=P(1+\frac{r}{n})^{nT} where,

A = Final amount after T years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Periods of compounding,

T = Time in years.

Let us multiply our given rate by 12 to get APR and convert it in decimal form.

APR=12\times 1.5\%

APR=18\%

18\%=\frac{18}{100}=0.18

Since 1 year equals 12 months, so 1 month will be 1/12 year.  

Upon substituting our given values in above formula we will get,

A=477.95(1+\frac{0.18}{12})^{12\times\frac{1}{12}}

A=477.95(1+0.015)^{1}

A=477.95(1.015)

A=485.11925

Now let us subtract principal amount from the final amount to get the monthly interest charge at the end of 1st month.

\text{The monthly interest charge be at the end of the first month}=485.11925-477.95

\text{The monthly interest charge be at the end of the first month}=7.16925\approx 7.17

Therefore, the monthly interest charge be at the end of the first month will be $7.17 and option A is the correct choice.

You might be interested in
You drive a car that holds 15 gallons of gasoline. Your car uses 0.03 gallons per mile. Which equation best represents this info
Marina86 [1]
0.03x + 15 y = 0.03x - 15 y = -0.03x + 15 y = -0.03x - 15
5 0
3 years ago
Read 2 more answers
What is expanded number 289 mean
natita [175]
200
80    thats the answer 
9
4 0
3 years ago
Write the mixed number as a fraction 1 1/8
Angelina_Jolie [31]
It would be 9/8

Hope this helps!
4 0
3 years ago
Read 2 more answers
Help find out what the x is please
miss Akunina [59]

Answer:

x=4

Step-by-step explanation:

First you want to add 8.8 to 7.2 and get 16 because you want to get x alone

Next divide divide 4x on both sides so 4x/4x cross out and left with just x. 16/4 =4

x=4

Hope this helps!


6 0
3 years ago
Read 2 more answers
A Galapagos cactus finch population increases by half every decade. The number of finches is
Angelina_Jolie [31]

Answer:

The number of fringes at d=-2 is given as 20.

Step-by-step explanation:

Question

A Galapagos cactus finch population increases by half every decade. The number of finches is modeled by the expression

,

where d is the number of decades after the population was measured. Evaluate the expression for d = −2

Given :

The number of  finches is modeled by the expression  :

⇒ 45\cdot1.5^d

where d is the number of decades after the population was measured.

To evaluate the expression for d=-2

Solution:

In order to evaluate the given expression to find the number of finches at d=-2, we will plugin -2 for d in the expression and simplify it.

Plugging in d=-2 in the expression:

⇒ 45\cdot 1.5^{-2}

Using negative exponent property. [a^{-x}=\frac{1}{a^x}

⇒ 45\cdot \frac{1}{1.5^2}

⇒ 45\cdot \frac{1}{2.25}

⇒ 20   (Answer)

Thus, the number of fringes at d=-2 is given as 20.

This means the number of fringes two decades ago was 20.

6 0
3 years ago
Other questions:
  • The surface area of a sphere is 4pr 2. find the surface area of a sphere with a radius of 10 ft.
    7·2 answers
  • Which line segment is not a diagonal through the<br><br> interior of the cube shown?
    11·1 answer
  • Can someone explain how to solve this question:
    9·1 answer
  • It takes John 1/5 hour to hike 1/4 Mile. what is John's rate in miles per hour?
    13·1 answer
  • Talia spent \dfrac34 4 3 ​ start fraction, 3, divided by, 4, end fraction of this week's allowance on candy. Of the money she sp
    7·1 answer
  • Who can slove this????
    14·1 answer
  • (4.55×10^13- 1.78×10^12)
    6·2 answers
  • Does anyone know this answer??<br> Choices- 333.50, 63.50, 153.50, 166.75
    15·2 answers
  • What is the volume of a sphere with a radius of 3 meters?
    8·2 answers
  • Write each equation in standard form using integers.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!