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Nataly [62]
3 years ago
13

Rachel has developed a plan to start paying off her credit card debt, and has stopped making purchases with her credit card. She

has a credit card balance of $1,120.87. Her card has an APR of 14.12%, compounded monthly, and has a minimum monthly payment of 3.15% of the total balance, which is calculated after the monthly interest. Rachel has decided to pay off her debt by making identical monthly payments over a period of two years. If she starts this month, how much greater will her first payment be than the minimum payment required? (Round final answer to the nearest dollar.)
Mathematics
2 answers:
Ann [662]3 years ago
5 0
Present value of annuity PV = P(1 - (1 + r/t)^-nt) / (r/t)
where: p is the monthly payment, r is the APR = 14.12% = 0.1412, t is the number of payments in one year = 12, n is the number of years = 2.
1,120.87 = P(1 - (1 + 0.1412/12)^(-2 x 12)) / (0.1412 / 12)
0.1412(1120.87) = 12P(1 - (1 + 0.1412/12)^-24)
P = 0.1412(1120.87) / 12(1 - (1 + 0.1412/12)^-24) = $53.88

Minimum monthly payment = 3.15% of 1120.87(1 + 0.1412/12) = 0.0315 x 1120.87(1 + 0.1412/12) = $35.72

Therefore, his first payment will be greater than the minimum payment by 53.88 - 35.72 = $18.16
Dafna11 [192]3 years ago
5 0

Answer:

c.

$19

Step-by-step explanation:

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Bill Gates wrote a computer program that generates three random numbers
Allushta [10]

Answer:

1/1000

Step-by-step explanation:

The probability of two independent events A, B (independent = events that do not depend on each other) is given by the product of the individual probabilities of A and B:

p(AB)=p(A)\cdot p(B) (1)

In this problem, the single event is "getting a 3" when extracting a random number between 1 and 10.

The total number of possible outcomes is

n = 10

While the number of succesfull outcomes (getting a 3) is only one:

s=1

So, the probability of drawing a 3 in 1 draw is

p(3)=\frac{s}{n}=\frac{1}{10}

Then, we want to find the probability of getting three "3" in 3 consecutive generations. These events are independent events, so we can use rule (1) to find the total probability, and we get:

p(333)=p(3)p(3)p(3)=(\frac{1}{10})(\frac{1}{10})(\frac{1}{10})=\frac{1}{1000}

7 0
3 years ago
The shoe store's clerks are paid on commission. If the clerk receives a 12% commission on total purchase amounts before tax is a
aev [14]

Answer:

a) 37 + 42 =79

=7/100 x 79

=553/100

=5.53

Isaac's total bill = 79 + 5.53 = $84.53

b) 25/100 x 79

= 19.75

= 79 - 19.75

= $59.25 (before tax)

7/100 x 59.25

= 414.75/100

= 4.15

= 59.25 + 4.15

= $63.4 (after adding tax)

First we have to take out the percentage of discount and minus it from the total cost . To find the discounted price with tax, we have to take out the percentage of the tax from the discounted amount and add it to the discounted amount to get the total cost.

3 0
3 years ago
Which number is represented by the number line
denpristay [2]

Answer: B

Step-by-step explanation: The number line has tally marks up to 3, so 3 has to be divided by something, meaning A and C do not work. There are 9 total tally marks circled, so the equation equals 9, leaving B as the only possible answer. Also, there are three tally marks per whole number, so each tally is 1/3, which is equal to 2/6, further proving it is B.

5 0
3 years ago
I dont understand how to simplify an expression with exponents
Mashutka [201]

Answer:

3^4

Step-by-step explanation:

Simplifying an expression with expression with exponents:

If they are dividing, we keep the base and subtract the exponents. For example:

\frac{a^x}{a^y}=a^{x-y}

In this question:

\frac{3^2}{3^{-2}}=3^{2-(-2)}=3^{2+2}=3^4

8 0
1 year ago
PLEASE HELP!
Airida [17]
7 dollars each game and I know that because 10 would be 60 plus 16 which is way over and 5 would be 25 plus 16 which is incorrect 6 would be 30 which adding 16 would be 46. FINALLY ADDING 5 extra which is 7 times which is 35 plus 16 is 51.
Hope this helped
:D
4 0
2 years ago
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