Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer part D Suppose you owe $600 on your credit card and you decide to make no new purchases and to make the minimum

Please answer part D
image text in transcribed
Suppose you owe $600 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 2% per month on th unpaid balance and that the minimum payment is 3% of the total balance plus interest), your balance after t months is given by B(t) 60(9894). Find your balance at each of the given times in parts (a) through (d) below After six months, the balance is $ 562.84 (Round to the nearest cent as needed.) (b) one year (remember that t is in months) After one year, the balance is $ 527.98 (Round to the nearest cent as needed.) (c) four years After four years, the, balance is $ 359.75. (Round to the nearest cent as needed.) (d) six years After six years, the balance is S (Round to the nearest cent as needed Enter your answer in the answer box and then click Check

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment The Study Of An Economic Aggregate

Authors: Philip J. Lund

1st Edition

0444851380,1483256901

More Books

Students also viewed these Finance questions

Question

33. value: 4.00 points Answered: 1 week ago

Answered: 1 week ago