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
sveta [45]
3 years ago
9

You have a credit card with a balance of $754.43 at a 13.6% APR. You have $300.00 available each month to save or pay down your

debts. How many months will it take to pay off the credit card if you only put half of the available money toward the credit card each month and make the payments at the beginning of the month?
2 months


6 months


4 months


7 months
Mathematics
1 answer:
rjkz [21]3 years ago
4 0

Answer:

Step-by-step explanation:

B(n) = A(1 + i)^n - (P/i)[(1 + i)^n - 1]

where B is the balance after n payments are made, i is the monthly interest rate, P is the monthly payment and A is the initial amount of loan.

We require B(n) = 0...i.e. balance of 0 after n months.

so, 0 = A(1 + i)^n - (P/i)[(1 + i)^n - 1]

Then, with some algebraic juggling we get:

n = -[log(1 - (Ai/P)]/log(1 + i)

Now, payment is at the beginning of the month, so A = $754.43 - $150 => $604.43

Also, i = (13.6/100)/12 => 0.136/12 per month

i.e. n = -[log(1 - (604.43)(0.136/12)/150)]/log(1 + 0.136/12)

so, n = 4.15 months...i.e. 4 payments + remainder

b) Now we have A = $754.43 - $300 = $454.43 so,

n = -[log(1 - (454.43)(0.136/12)/300)]/log(1 + 0.136/12)

so, n = 1.54 months...i.e. 1 payment + remainder

You might be interested in
Select the correct answer from each drop-down menu.
german

5 is a coefficient.  A coefficient is a number multiplied by a variable.


(2y+13) is a factor.  It can be multiplied by 8 to get an extended answer.


-1 is a constant.  A constant is a number that does not change.


Hope this helps!

7 0
3 years ago
Read 2 more answers
It would be enchanting if you could help me out on this question, pease and crackers. thank you!(don't mind my weird language lo
Alina [70]

Answer:

615.44cm

Step by Step Answer:

A=πr^{2}=π·14^{2}≈615.75216

5 0
3 years ago
Question 2 of 10<br> Which of the following is most likely the next step in the series?
shusha [124]

Answer:

a) is the answer because line,stroke,2nd stroke =a

7 0
2 years ago
3. If y varies directly as x, and y is 12 when x is 16; find y when x is 36.
Serggg [28]

Answer:

C- 27

Step-by-step explanation:

Y varies directly as X

Y=kx

K is a constant

12=k16

K=12/16=3/4

Y=3/4x

Y=3/4 (36)

Y=27

3 0
4 years ago
Solve for x.<br> 21 °<br> х<br> 22
hodyreva [135]

Answer:

462

Step-by-step explanation:

4 0
3 years ago
Other questions:
  • A bowl contains 7 pennies, 9 nickels, and 4 dimes. Elyse removes one coin at random from the bowl and does not replace it. She t
    7·1 answer
  • Which
    9·1 answer
  • Naomi deposited money into a savings account that is compounded quarterly at an interest rate of 6%. She thinks this quarterly r
    10·1 answer
  • Over a period of 12 hours the temperature dropped 36 degrees Fahrenheit. What was the average change in temperature in one hour
    11·1 answer
  • Help help help!! Does anyone know number 1 and 2?
    12·1 answer
  • Help plz geometry !!!!​
    6·1 answer
  • Please help!!! Answer ASAP and show work!!!
    9·1 answer
  • (1 + 7m)(4) what is it simplified
    6·1 answer
  • Hlo friends good morning
    6·1 answer
  • What is X-5+10x+3???
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!