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stepladder [879]
3 years ago
12

Roberta has a balance of $4350 on a credit card with an APR of 30.2% paying off her balance in which of these lengths of time wi

ll result in her paying the least amount of interest?

Mathematics
2 answers:
Alenkinab [10]3 years ago
7 0

8 months—-> APEX

the least amt of time, the larger the monthly payments—> less interest in less months

mafiozo [28]3 years ago
6 0

Answer: 8 Months (APEX)

Step-by-step explanation:

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Gertrude takes out a $5,500 subsidized stafford loan, which must be paid back in ten years. gertrude will graduate four years af
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The total amount of interest will Gertrude pay by the time the subsidized Stafford loan is repaid is $2094.80.

<h3>What is compound interest?</h3>

Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.

The formula for the final amount with the compound interest formula can be given as,

A=P\times\left(1+\dfrac{r}{n\times100}\right)^{nt}\\

Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate<em> r </em>of in the time period of <em>t.</em>

Gertrude will graduate four years after taking out the loan. if the loan has an interest rate of 6.8%, compounded monthly, and Gertrude makes monthly payments.

Put the values in the above formula as,

5500=P_{mt}\times\left(1-\dfrac{6.8}{12\times100}\right)^{-12\times10}\\P_{mt}=63.29

In the 10 years, the refund she gets,

A_r=63.29\times12\times100\\A_r=7594.8

Interest paid by her is,

I=7594.8-5500\\I=2094.8

Thus, the total amount of interest will Gertrude pay by the time the subsidized Stafford loan is repaid is $2094.80.

Learn more about the compound interest here;

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Your taking off $20 from the amount that you have to begin with
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