Mathematics College

Please helpppp it’s urgent!!! Assume you have a balance of $3000 on a credit card with an APR of 24 %, or 2 % per month. You start making monthly payments of $200, but at the same time you charge an additional $100 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. How long does it take to pay off the credit card debt? Round your numbers to the nearest cent?

Please Helpppp Its Urgent!!! Assume You Have A Balance Of $3000 On A Credit Card With An APR Of 24 %,

Answers

Answer 1

It will take around 3.72 months to pay off the credit card debt.

Explain about the annual percentage rate APR?The annual rate of interest that a person must pay on a loan or receives on a bank account is known as the annual percentage rate (APR).APR is utilized for everything, including credit cards, auto loans, and mortgages.

The formula for APR is:

A = P * [tex](1 + r/n)^{nt}[/tex]

In which,

A = amount after compounding.

P = balance amount

r = rate of interest.

n = number of time compounded.

Initial balance: $30,000.

Payments per month = $200.

Expenses = $100

Balance amount = 30,000 - 12 *(200 - 100)

Balance amount = $28800

So, time taken for paying off credit card debt.

30,000 = 28800  [tex](1 + 0.24/1)^{1*t}[/tex]

[tex](1.24)^{t}[/tex] = 30,000 / 28800

[tex](1.24)^{t}[/tex] = 1.04

Solve by using logarithmic function.

t = ln (1.04) / 1.24

t = 0.31  year

t = 3.72 months

Thus, it will take around 3.72 months to pay off the credit card debt.

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Related Questions

State the principle of mathematical induction

Answers

The principle of mathematical induction is a method of proof used in mathematics to prove that a statement is true for all natural numbers.

It is based on the idea that if the statement is true for one number, then it can be used to prove that it is true for the next number. Mathematical induction can be expressed mathematically as follows:

Let P(n) be a statement involving an integer n

Base Case: P(m) is true for some m

Induction Hypothesis: Assume P(k) is true for some k>m.

Induction Step: Show that P(k+1) is true.

Therefore, P(n) is true for all n>m

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Who knows this? I need help
#16

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Answer:

Step-by-step explanation:

adjacent:   [tex]\angle BOC, \angle EOD[/tex]   (both are adjacent)

complementary:  [tex]\angle BOC[/tex]

supplementary:   [tex]\angle EOD[/tex]

vertical angles:   [tex]\angle AOE[/tex]

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