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kakasveta [241]
3 years ago
6

if you deposited $6500 into an account paying 8% annual interest compounded monthly how much money will be in the account after

7 years and 6 months make sure you round appropriately
Mathematics
1 answer:
inn [45]3 years ago
6 0

Answer:

it's going to be more than what I make

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Answer: The credit card will paid off within 10 years, therefore the correct option is D.

Explanation:

Let the number of years in which the credit card will aid of be x.

It is given that amount owed on credit card is $1000 with interest rate 27.99%.

So the amount of interest is calculated as,

1000\times \frac{27.99}{100} =\$27.9

The total amount have to pay is,

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x=\frac{1279.9}{20}

x=63.995

So, the credit card will paid of in 63.995 months. We know that 1 year =12 months.

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