Question

many credit card companies charge a compound interest of 1.8% per month on a credit card balance. Miriam owes 750 on a credit card If she makes no more purchases or payments she will go more and more in debt Which of the following sequences describes her increasing monthly balance?

Answer 1

Answer:

Most credit card companies also apply a late payment penalty if you owe a balance and do not make a payment. Ignoring that fee, Miriam's balance will increase as:  

B(n) = 750(1.018)^n  

where B(n) is Miriam's balance after n months. The progression will be:  

$750.00  

$763.50  

$777.24  

$791.23  

$805.48

Step-by-step explanation:

Answer 2

Answer: 7.50, 763.50 and so on.

Step-by-step explanation: