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3 years ago

1. Brad spent $1,200 on a credit card this

Mathematics

1 answer:

qaws [65]3 years ago

3 0

Answer:

<u>about 3 years</u>

Step-by-step explanation:

Using the compound interest formula;

A = P(1+r)^t

Given

Amount A == $2400

Principal P = $1200

rate = 24.77% = 0.2477

Substitute the given values

2400 = 1200(1+0.2477)^t

2400/1200 = (1+0.2477)^t

2 = (1+0.2477)^t

ln 2 = tln1.2477

t = ln2/ln1.2477

t = 3.13

Hence it will take <u>about 3 years</u> until Brad owes the credit card company $2,400

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