Question

Mario transferred a balance of $6050 to a new credit card at the beginning of

Answer 1

Answer:

the answer is (6050){1+0.031/12}^3{1+0.206/12}^9 for APEX

Step-by-step explanation:

Answer 2

Answer:

$6050(1+\frac{0.031}{12})^{3}(1+\frac{0.206}{12})^{9}$

Step-by-step explanation:

p = $6050

The card offered an introductory APR of 3.1% for the first 3 months

r = 3.1% or 0.031

t = 3

n = 12

So, compound interest formula for this period is :

$6050(1+\frac{0.031}{12})^{3}$

And a standard APR of 20.6% thereafter,

r = 20.6% or 0.206

t = 9

n = 12

So, compound interest formula for this period is :

$6050(1+\frac{0.206}{12})^{9}$

Now as the p is common, we can re write the expressions as :

$6050(1+\frac{0.031}{12})^{3}(1+\frac{0.206}{12})^{9}$