1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kipiarov [429]
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?
Mathematics
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.

You might be interested in
If y = -2, what is the value of x? x+2/3 ; x =
Bas_tet [7]

Answer:

26

Step-by-step explanation:


7 0
3 years ago
Read 2 more answers
SOLVE x^4 − 15x^2 − 16 = 0 <br> What are the roots of the equation?
kakasveta [241]

Answer:

roots : 4, -4, i, -i

Step-by-step explanation:

This gets a bit tricky.

We have to substitude x^2 as u in this problem.

Now to rewrite x^4 − 15x^2 − 16 = 0 with u, we get

u^2 - 15u - 16 = 0

( u - 16) (u + 1)

U = 16

U = -1

<em>This is not the end of the problem. </em>

Now we have to substitute x^2 back to u.

x^2 = 16  --> we get the roots 4 and -4

x^2 = -1 --> we get the roots i and -i

tadah!

8 0
2 years ago
A fair coined is flipped what is the probability it will land on its head
Georgia [21]
For example, the probability of an outcome of heads on the toss of a fair coin is ½ or 0.5. The probability of an event can also be expressed as a percentage (e.g., an outcome of heads on the toss of a fair coin is 50% likely) or as odds (e.g., the odds of heads on the toss of a fair coin is 1:1).
5 0
2 years ago
Can somebody help me please!!!
Effectus [21]

Answer:

Part A: 0

Part B: 0 or 1

Step-by-step explanation:

Part A: anything to the 0 power is 1 (x^0= x^y-y) if you solve 7^2 you get 49. 49^0= 1

Part B: Because it is already being raised to the power of 0, if x=0 it will remain equal to one (as explained above). Anything raised to the 1 power is itself, so 7^0= 1 and 1^1 =1

Hope this helped!

3 0
3 years ago
I don’t understand how to factor fractions :( can someone help me with this problem
anzhelika [568]
Can you take a picture of the whole problem? i may be able to solve it then. Thanks!
6 0
3 years ago
Other questions:
  • The angles in a triangle are such that one angle is 128 more than the smallest angle, while the third angle is 2 times as large
    15·2 answers
  • Need help with this i genuinely dont get this whole lesson
    8·1 answer
  • Before leaving a particular restaurant, patrons are asked to respond to a questionaire containing the questions given below. For
    6·1 answer
  • An aircraft carrier left Diego Garcia one
    9·1 answer
  • Evaluate 4 divided by 5/6
    10·1 answer
  • Which graph shows the line y = 4x-2?
    10·1 answer
  • Someone pls help me i do not understand !!
    13·1 answer
  • Which two are congruent?​
    12·1 answer
  • Find the sum of the arithmetic series
    9·1 answer
  • Solve the system of two linear inequalities graphically.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!