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3 years ago

9

Franks credit card has no annual fee, 23.99% interest rate. Switch to new card 16.99% rate. $35 annual fee. How much average bal

ance would frank have to make switching cards worth it?

1 answer:

Luda [366]3 years ago

7 0

Answer:

<em>The minimum average balance that makes the switching worth it is $500</em>

Step-by-step explanation:

<u>Equations</u>

We know Frank's credit card has no annual fees and charges an interest rate of 23.99% of his average balance B. He wants to switch to a new card with $35 annual fees but less interest rate of 16.99%.

The total annual payment Frank actually has to pay is given only by the interest of his annual average balance. That is

$P_1=23.99\%\cdot B=0.2399\cdot B$

With the new card, he'll have to pay a fixed fee of $35 plus the annual interest:

$P_2=35+16.99\%\cdot B=35+0.1699\cdot B$

To make switching cards worth it, both payments will need to be (at least) equal:

$0.2399\cdot B=35+0.1699\cdot B$

Rearranging

$0.2399\cdot B-0.1699\cdot B=35$

$0.07B=35$

Solving

$B=35/0.07=500$

$B=\$500$

The minimum average balance that makes the switching worth it is $500. If his balance is more than $500, he'll save by using the new card.

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3 years ago

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professor190 [17]

Answer:

The value of x at this instant is 3.

Step-by-step explanation:

Let $x\cdot y = 18$ , we get an additional equation by implicit differentiation:

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From the first equation we find that:

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By applying (2) in (1), we get the resulting expression:

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If we know that $y = 6$ and $\frac{dy}{dt} = 8$ , then the first derivative of x in time is:

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From (1) we determine the value of x at this instant:

$x\cdot \frac{dy}{dt} = -y\cdot \frac{dx}{dt}$

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3 years ago

Angles 1 and 2 are complementary. If angle 1 = 35, then what is the measure of angle 2?

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Answer:

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Step-by-step explanation:

EAnswers avatar

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3 years ago

(#5) A carpenter has two different-sized circular saws. The smaller saw has the radius shown. I couldn't show it, so it is 1.25

grin007 [14]

Answer:

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Step-by-step explanation:

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