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Ira Lisetskai [31]
2 years ago
5

Question 1 of 10

Mathematics
1 answer:
Liula [17]2 years ago
5 0

Answer:

B

Step-by-step explanation:

A P E X

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Thank you for posting your question here at brainly. The choices based on the above question are the below, it can be found elsewhere. 

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Consider a credit card with a balance of $7000 and an APR of 16.5 %. If you want to make monthly payments in order to pay off th
shtirl [24]

9514 1404 393

Answer:

  $7641.24

Step-by-step explanation:

The amortization formula tells the payment amount.

  A = P(r/n)/(1 -(1 +r/n)^(-nt))

where principal P is paid off in t years with n payments per year at interest rat r.

Using the given values, we find ...

  A = $7000(0.165/12)/(1 -(1 +0.165/12)^-12) = $7000×0.01375/(1 -1.01375^-12)

  A = $636.77

The total of 12 such payments is ...

  $636.77 × 12 = $7641.24

You will pay a total of about $7641.24.

_____

<em>Additional comment</em>

Since the payment amount is rounded down, the actual payoff will be slightly more. Usually, the lender will round interest and principal to the nearest cent on each monthly statement. The final payment will likely be a few cents more than the monthly payment shown here.

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Answers needed help me
frozen [14]

Answer:

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3 years ago
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