Question

Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years. 2,250(1.17)^t
Write an exponential expression in the form (b)c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

Answer 1

Given that the annual interest rate of Jacki's credit card is 17%, then the exponential expression that reveals the monthly interest rate of Jacki's credit card is given by:

$2,250\left(1+\frac{0.17}{12}\right)^{12t}=2,250(1+0.014)^{12t} \\ \\ =\bold{2,250(1.014)^{12t}}$

Answer 2

Answer:

$A=2250(1.014)^{12t}$ is the exponential expression.

Step-by-step explanation:

The expression which represents the balance of credit card, in dollars, after t years is

$A=2250(1+\frac{0.17}{12})^{12t}$

Where rate of interest is 17% and amount spent is $2250.

Since 17% interest is the annual interest and we have done the expression in the form of monthly compounding.

So the expression will be

$A=A_{0}[1+.014]^{12t}$

$A=A_{0}(1.014)^{12t}$

$A=2250(1.014)^{12t}$