Question
The following table shows the expenses and payments for 2 months on a credit card account with an initial balance of $777. Assume that the
The following table shows the expenses and payments for 2 months on a credit card account with an initial balance of $777. Assume that the interest rate is 1% per month (12% APR) and that the interest for a given month is charged on the balance from the previous month.
This means the amount owed ininteresteach month is the output of a function,f(x)
, that uses the input of the previous month's balance,x
.
f(x)=0.01x
The new month'sbalanceis the output of a function,g(x,p,e,a)
, that use the following inputs:
- x
- , the previous month's balance
- p
- , the payment
- e
- , the expenses charged on credit for the month
- a
- , the amount owed in interest
g(x,p,e,a)=xp+e+a
Use the two functions to fill in the table below. For each question, round to the nearest penny and don't use commas or dollar signs.
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