Y^2 + 18y - 41 = 0 Y= Y=
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The amount which Brandon have saved in interest by consolidating the two balances on the card with the lower interest rate is $256.12.
<h3>What is monthly payment?</h3>Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.
It can be calculated with the following formula.
Here, (<em>P</em>) is the principal amount, (<em>r</em>) is the interest rate and (<em>t</em>) is time.
Brandon has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest rate.
The table below shows the information about the two credit cards Brandon currently uses.
- Cards Amount APR Monthly Payment
- Card a $1,463.82 13% $24.60
- Card b $1,157.98 17% $22.14
Interest rate for the card a is,
The time period is 8 years and there are 12 months in one year. Thus, the monthly payment of card A will be,
In the 8 years, there is total 96 monthly payments. Thus, the total payment by card A is,
For the card B the monthly payment is $22.14. Thus the total payment by card B is,
The difference in the payment is,
Hence, the amount which Brandon have saved in interest by consolidating the two balances on the card with the lower interest rate is $256.12.
Learn more about the monthly payment here;
The coordinate set (0, 0), (2, 1), (4, 2), (6, 3) represents a straight line. Since the first point is (0, 0) the y-intercept is 0. Now, lets solve for the slope (we can use any of the four points to solve).
Slope formula: y2-y1/x2-x1
= 2-1/4-1
= 1/2
Now that we know what the slope is, we can write the equation of the line.
Slope intercept form: y = mx + b (m = slope and b = y-intercept)
y = 1/2x
Lets find the exponential equation for the line.
y = ab²
1 = ab²
1/a = ab²/a
1/a = b²
√1/a = √b²
√1/a = b
<em>A graph of the coordinates will be below.</em>
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Best of Luck!
