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
sergiy2304 [10]
2 years ago
10

You have $2,000 on a credit card that charges a 16% interest rate. If you want to pay off the credit card in 5 years, how much w

ill you need to pay each month (assuming you don't charge anything new to the card)?
Mathematics
1 answer:
katrin2010 [14]2 years ago
8 0

9514 1404 393

Answer:

  $48.64

Step-by-step explanation:

The monthly payment amount is given by the amortization formula ...

  A = P(r/n)/(1 -(1 +r/n)^(-nt))

where P is the loan amount, r is the annual interest rate compounded n times per year for t years.

Here, you have P=2000, r=0.16, n=12 (months per year), t=5 (years), so the payment is ...

  A = $2000(0.16/12)/(1 -(1 +0.16/12)^(-12·5)) = $320/(12(0.54828942))

  A ≈ $48.636 ≈ $48.64

You will need to pay $48.64 each month to pay off the charge in 5 years.

You might be interested in
Someone please help me!!! ASAP
inn [45]
102 3/5 steps


The bridge is 307 4/5 m long
Her steps are 3/10 m long
Divide the length of the bridge by the length of her steps

First change the 307 4/5 to 8/10 so we have a common denominator
(307 8/10)/(3/10)
Next change 307 8/10 to an improper fraction
Multiply the whole number by the denominator than add the numerator
(3078/10)/(3/10)=1,026/10
Now divide the numerator by the denominator
1,026/10=102 6/10
Which simplifies to 102 3/5
6 0
2 years ago
Read 2 more answers
Another florist has 16 yellow mums and 40 white carnations. Which question can be answered by finding the GCF of 16 and 40?​
Naily [24]

Answer:

8

Step-by-step explanation:

4 0
3 years ago
Read 2 more answers
Rewrite from least to greatest .33 -.12 -.127 .2 45/10
N76 [4]
-.127, -12, .33, & 45/10 are the answers.
8 0
3 years ago
An automobile plant produces 7 cars per day 4 days a week. How many cars can the plant make in 4 weeks?
OLga [1]

Answer:

112

Step-by-step explanation:

Multiply 7 times 4 to get the amount of cars made in one week

7 x 4= 28

Then multiply that by how many weeks there are

4 x 28= 112

6 0
3 years ago
Read 2 more answers
A dice is rolled 4 times. What is the probability of showing a 6 on every roll?
Oliga [24]

Answer:

1/6

Step-by-step explanation:

If the dice is rolled 4 times than the probability you will roll a 6 is 1/6 since there are only six numbers

3 0
3 years ago
Other questions:
  • a 13 ft ladder is placed against the side of the building. The bottom of the ladder is 5 ft away from the bottom of the building
    8·1 answer
  • Find the Surface Area of a cylinder with a base radius of 2 cm and a height of 3 cm. Use pi = 3.14
    8·2 answers
  • Pls help i dont know it
    9·2 answers
  • (5,1) {-1,5) (-5, 1) (1, -5) (5,3}}​
    10·1 answer
  • What are the coordinates of the image produced by applying the composition / to the point (–5, 4)?
    6·1 answer
  • Solve. 4y 16 &gt; –8 <br> a. y &gt; –6 <br> b. y &gt; –2 <br> c. y &gt; 2 <br> d. y &gt; 6
    9·1 answer
  • Which mathematical concepts did Euler's legacy include? Check all that apply.
    15·2 answers
  • I need help!!!! Anyone know the answer?
    13·1 answer
  • the height of a hat is shaped like a cone is 10 inches. the volume of thw hat is 30(pi) cubic inches. what is the diameter of th
    8·1 answer
  • Brandi rolls a fair Six-sided Number cube flips a fair coin, and then rolls the number cube again. Which outcome is part of samp
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!