Answer:
$1,591.67
Step-by-step explanation:
The computation of the balance after 5 years is shown below:
Given that
Accumulated Balance on Credit Card = P = $2,300
r = Monthly interest amount = 17% ÷ 12 = 1.41666667%
M = Minimum payment = 2%
Now
Balance on Credit Card after t year = P × (1+r) ×(1-M)
= $2,300 × (1+1.41666667%)^t × (1 - 2%)^t
= $2,300 × (0.993883337)^t
SO,
Balance on Credit Card after 5 years is
= $2,300 × (0.993883337)^60
= $2,300 × 0.692029437
= $1,591.66771
= $1,591.67
Answer:
$116800
Step-by-step explanation:
Step one:
given
principal= $40,000
rate= 5.5%
time = 20 years
Step two:
the final amount is expressed as
![A= P(1+r)^t](https://tex.z-dn.net/?f=A%3D%20P%281%2Br%29%5Et)
substitute
![A= 40000(1+0.055)^2^0\\\\A= 40000(1.055)^2^0\\\\A= 40000*2.92\\\\A=116800\\\\](https://tex.z-dn.net/?f=A%3D%2040000%281%2B0.055%29%5E2%5E0%5C%5C%5C%5CA%3D%2040000%281.055%29%5E2%5E0%5C%5C%5C%5CA%3D%2040000%2A2.92%5C%5C%5C%5CA%3D116800%5C%5C%5C%5C)
$116800
this is a binomial problem: p = 0.7 and q = 0.3
a) (0.7)^6
b) (6C4)(0.7)^4(0.3)^2
c) Pr ( at least 4) = Pr(4) + Pr(5) + Pr(6) = (6C5)(0.7)^5(0.3) + (0.7)^6
d) Pr (no more than 4) = 1 - Pr(at least 4) = 1 - (answer from c)
Answer:
c
Step-by-step explanation:
Answer:
interest paid = $206.25
course = $1,875.00
total = $2,081.25
Step-by-step explanation:
Interest = Principal x Rate x Time
I = 1875(.055)(2)
I = 206.25