Question

Jeremy would like to buy a dirt bike for $2000 but does not have the cash to pay for it. He ... He is offered a credit card that stipulates as long as he pays 75% of the balance off each month, they will only add $20 interest. He decides to do this, pay 75% of the balance each month until he pays off the card. The function is y=2000(.25)^x-1+20. What will be the balance of the card in 24 months?

Answer 1

Answer:

The balance of card is 20.

Step-by-step explanation:

The given function is

$y=2000(0.25)^{x-1}+20$

Where, the value of y represents the balance of card in x months.

We have to find the balance of the card in 24 months.

Put x=24 in the given function.

$y=2000(0.25)^{24-1}+20$

$y=2000(0.25)^{23}+20$

$y=20$

Therefore the balance of card is 20.