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
What is this as a slope?
Fofino [41]

Answer:

5/4

Step-by-step explanation:

Using coordinates (10,0) and (90,100)

Slope m = (y2-y1)/(x2-x1)

m = (100 - 0)/(90 - 10) = 100/80 = 10/8 = 5/4

8 0
2 years ago
2(x-3)-12 = -4<br> How do I solve this equations
deff fn [24]

Answer:

x= 7

Step-by-step explanation:

1st step: Multiply the factor (outside number) with the numbers and variable(s) in the box. This results in 2(x-3) = 2x-6

2nd Step: continue the rest of the equation since there are no more brackets left so 2x-6-12=-4

3rd Step: send -12 to the other side of the equation (side changes sign changes) so it will become 2x-6=-4+12    (You are actually supposed to make the variable alone on one side of the equation so that you would be able to calculate its value)

4th step: 2x-6=8 ---> send -6 to the other side as well which will then result in 2x=14

5th step: since 2 is being multiplied by x, when you send it to the other side (to make x alone) you will divide 14 by 2 ( sign of 2 changes from multiplication to division)

Final Step: x=7

3 0
3 years ago
The sum of three consecutive integers is 9.
devlian [24]

Answer:

3rd integer:n+2

Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
839<br><img src="https://tex.z-dn.net/?f=839%20%5Cdiv%2041" id="TexFormula1" title="839 \div 41" alt="839 \div 41" align="absmid
goldfiish [28.3K]

Answer:

need thanks and make me brainiest

Step-by-step explanation:

839/41=20.4634146341

6 0
2 years ago
PLEASE IM IN NEED OF HELP!!!!!
koban [17]

Answer:

  8 capsules

Step-by-step explanation:

The 100 mL of solution requires 4 capsules for its preparation. (4 × 150 mg = 600 mg). So, twice as much solution (200 mL) will require twice as many capsules. It will take 8 capsules to make 200 mL of solution.

6 0
3 years ago
Other questions:
  • Does the order of the numbers in an ordered pair matter when naming a point? Can that point be represented by more than one orde
    11·1 answer
  • Alyssa is selling bags of peanuts to raise money for a fundraiser. So far, she has sold 36 bags of peanuts. This is 45% of her g
    10·1 answer
  • QUIZ:
    7·1 answer
  • Help pls
    5·1 answer
  • Plzzz Help!<br> Determine the recursive function that defines the sequence.
    5·1 answer
  • There are 625 students in Weaver Junior High School. Jimmy surveyed the 30 students in his English class regarding their favorit
    11·1 answer
  • May anyone help me with this?
    13·1 answer
  • A spinner and 4 cards are shown below:
    14·2 answers
  • When 9 2/3 is written in simplest radical form, which value remains under the radical?
    11·1 answer
  • The linear function that is represented by which table has the same slope as the graph? (the tables are the choices)
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!