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Brums [2.3K]
3 years ago
10

Jason makes a credit card purchase for $3000 that compounds interest daily. The APR is 4%. How much interest is earned on Jason'

s card after 1 year if Jason makes no payments?
The amount of interest earned on Jason's card after 1 year is $
Mathematics
1 answer:
Vlad [161]3 years ago
6 0

Step-by-step explanation:

step 1. A = P(1 + r/n)^nt. this is the compounding equation where n is the number of compounds in a time t and P is the original amount. r is the rate.

step 2. A = 3000(1 + .04/365)^(365(1))

step 3. A = 3122.43. this is the total amount owed on the credit card which includes principle and interest. the interest is less 5he principle

step 4. 3122.43 - 3000 = 122.43

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