Dae opens a credit card with an APR of 19.49% compounded monthly. How much is charged in interest this month if her balance is $
1 answer:
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<h3>Answer: $655,430.67</h3>
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Work Shown:
The home's value in 2020 is approximately $655,430.67 assuming that the rate of inflation is kept at 4.5% per year.
Note that for the r value, I used the decimal form of 4.5% (so you'll move the decimal point 2 spots to the left).
Also, the timespan from 1990 to 2020 is 2020-1990 = 30 years, which is why I used this for the t value.