Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help!!! Assume you have a balance of $1300 on a credit card with an APR of 12%, or 1% per month. You start making

Please help!!!

image text in transcribed
Assume you have a balance of $1300 on a credit card with an APR of 12%, or 1% per month. You start making monthly payments of $200, but at the same time you charge an additional $70 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of each month until the debt is paid off. How long does it take to pay off the credit card debt? Month Payment Expenses Interest New Balance $1300 $200 $70 0.01 x $1300 = $13.00 $1300 - $200+$70 + $13.00 = $1183.00 2 $200 $70 EA Help me solve this View an example Clear all

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

College Geometry Using The Geometer's Sketchpad

Authors: Barbara E Reynolds, William E Fenton

1st Edition

1118213408, 9781118213407

More Books

Students also viewed these Mathematics questions

Question

Why is the von Neumann bottleneck important?

Answered: 1 week ago

Question

Looking for help to solve my assignment please Thank you

Answered: 1 week ago