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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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Judy Clark went to Reel Bank. She borrowed $7,800 at a rate of 6 1/2%. The date of the loan was September 2. Judy hoped to repay
abruzzese [7]

Answer:

$7995.85

Step-by-step explanation:

We will use simple interest formula to solve our given problem.

A=P(1+rt), where,

A = Amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

r=6.5\%=\frac{6.5}{100}=0.065

t=\text{141 days}=\frac{141}{365}\text{ year}

A=\$78001+0.065\times \frac{141}{365})

A=\$7800(1+0.065\times 0.38630136986)

A=\$7800(1+0.025109589041)

A=\$7800(1.025109589041)

A=\$7995.85479

A\approx \$7995.85

Therefore, Judy will will pay back on January 20: <u>$7995.85</u>.

8 0
3 years ago
Rewrite the fraction in the sentence below as a percentage. In 2002, a popular company made 11/20 of its money online.​
Vladimir79 [104]

Answer:

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Step-by-step explanation:

11/20 = 0.55

0.55 = 55%

7 0
2 years ago
What is the fractional value for pi?
irina1246 [14]
Pie equals 3.14 so if you turn that into a fraction you will get your answer
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givi [52]
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3 years ago
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