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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.

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Setler79 [48]


60/40 =5

40*5=200

Answer For 1 is 200

35/10=3.5

20*3.5=70

Answer For 2 is 70 Pounds

85/40=2.125

2.125*600

1275

Answer For 3 is 1275


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castortr0y [4]

Greetings :)

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Now let's replace the equation with the numbers. (it will be a fraction).

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