You received your first credit card with a spending limit of $2,000 at 18.9% interest. You decide you need to upgrade your sound
1 answer:
Answer:
It will take approximately 25 months
Step-by-step explanation:
The amount owed on the credit card statement, P = $2,000
The interest rate of the credit on the credit card, r = 18.9%
The minimum monthly payment made, M = $100
The equal monthly installment formula is given as follows;
Therefore, we get;
100×1.01575ⁿ - 100 = 31.50×1.01575ⁿ
100×1.01575ⁿ - 31.50×1.01575ⁿ = 100
68.5×1.01575ⁿ = 100
1.01575ⁿ = 100/68.5
n = ln(100/68.5)/ln(1.01575) ≈ 24.21 (which is approximately 25 months, by rounding up to the nearest whole number)
Therefore, it will take approximately 25 months to pay off the credit card debt
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We are asked to determine the correlation factor "r" of the given table. To do that we will first label the column for "Quality" as "x" and the column for "Easiness" as "y". Like this:
Now, we create another column with the product of "x" and "y". Like this:
Now, we will add another column with the squares of the values of "x". Like this:
Now, we add another column with the squares of the values of "y":
Now, we sum the values on each of the columns:
Now, to get the correlation factor we use the following formula:
Where:
Now we substitute the values, we get:
Solving the operations:
Therefore, the correlation factor is 0.858. If the correlation factor approaches the values of +1, this means that there is a strong linear correlation between the variables "x" and "y" and this correlation tends to be with a positive slope.
