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olchik [2.2K]
3 years ago
12

Jake accumulated $8,000 in credit card debt. if the interest rate is 20% per year​

Mathematics
2 answers:
zhuklara [117]3 years ago
6 0

Answer:

8,000 x .02 = 1,600

Step-by-step explanation:

Convert the percentage by dividing 20% by 100 to get 0.2,

Then multiply by 8,000 to get your answer.

Aloiza [94]3 years ago
5 0

Answer:

$14,366.85

Step-by-step explanation:

Identify the values of each variable in the formulas. Remember to express the percent as a decimal.

A=?

P=$8,000

r=0.2

t=3

For quarterly compounding, n=4. There are 4 quarters in a year.

A=P(1+rn)nt

Substitute the values in the formula.

A=8,000(1+0.24)4⋅3

Compute the amount. Be careful to consider the order of operations as you enter the expression into your calculator.

A=$14,366.85

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