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faltersainse [42]
3 years ago
6

Richard has a credit card that allows him to defer credit card payments for 1 year if he becomes unemployed. The interest on the

card debt continues to accrue, but there are no late payment penalties. Suppose Richard has $1,588.57 in credit card debt, and the annual interest rate is 24.5% compounded monthly. How much will Richard owe (in dollars) after 1 year if he takes advantage of this option? Assume he makes no other purchases with the card. (Enter a number. Round your answer to the nearest cent.)
Mathematics
1 answer:
Natali5045456 [20]3 years ago
7 0

Answer: Richard will owe $2024 after 1 year if he takes advantage of this option.

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1 + r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 1588.57

r = 24.5% = 24.5/100 = 0.245

n = 12 because it was compounded 12 times in a year.

t = 1 year

Therefore,.

A = 1588.57(1+0.245/12)^1 × 12

A = 1588.57(1+0.245/12)^12

A = 1588.57(1+0.0204)^12

A = 1588.57(1.0204)^12

A = $2024.2

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6 0
3 years ago
Me puede ayudar con esto porfa.
dsp73

Answer:

La respuesta correcta es la opción d) 5 a 1.

Step-by-step explanation:

Para calcular la relación entre los ingresos de Mary en 2019 (I_{2019}) con respecto a sus ingresos en 2018 (I_{2018}), partimos de que los ingresos de Mary en 2019 fueron un 20% mayores que sus ingresos en 2018:

I_{2019} = 20\% \: I_{2018}      

I_{2019} = \frac{20}{100}I_{2018}      

\frac{100}{20}I_{2019} = I_{2018}        

5I_{2019} = I_{2018}                  

Entonces, la relación entre los ingresos de Mary en 2019 es 5 veces los ingresos de Mary en 2018. Por lo tanto, la respuesta correcta es la opción d) 5 a 1.

Espero que te sea de utilidad!        

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