Your credit card has a balance of $5400 and an annual interest rate of 17%. You decide to pay off the balance over two years. If
there are no further purchases charged to the card, you must pay $266.94 each month, and you will pay a total interest of $1006.56. Assume you decide to pay off the balance over one year rather than two. How much more must you pay each month and how much less will you pay in total interest?
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Answer:
Step-by-step explanation:
First, rewrite the given equation in the form of y=mx+c.
m is the gradient while c is the y-intercept.
3x-5y=8
5y= 3x -8
Thus, the gradient of the given equation is ⅗.
The product of the gradients of perpendicular lines is -1.
(gradient of line)(⅗) = -1
gradient of line= -1 ÷⅗
gradient of line=
To find the value of c, substitute a coordinate.
When x=3, y=7,
7= -5 +c
c= 7+5
c= 12
Hence, the equation of the line is .