ella409
contestada

Your parents have a credit card with a balance of $3,287.90 at an interest rate of 14.5% APR. They pay $1,200.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest? Be sure to include in your response: the answer to the original question and the mathematical steps for solving the problem demonstrating mathematical reasoning.

Please Help !!!

Respuesta :

patowe31

Answer:

3 Months to pay it off

Step-by-step explanation:

month one: 3287.90 x 14.5%/12=39.73

3287.90+39.73=3327.63-1200=2127.63

month two: 2127.63x14.5%/12=25.71

2127.63+25.71=2153.34-1200=953.34

month three: 953.34x14.5%/12=11.52

953.24+11.52=964.86

payment in month three is $964.86 to pay the card off

lhmarianateixeira

In this exercise we have to use the knowledge of finances to calculate the amount of months for the payment of the card, so we can say that it will be:

3 Months to pay it off

They are doing the calculation month by month we find that:

  • Month one:

[tex]3287.90 * 14.5\%/12=39.73\\3287.90+39.73=3327.63-1200=2127.63[/tex]

  • Month two:

[tex]2127.63*14.5\%/12=25.71\\2127.63+25.71=2153.34-1200=953.34[/tex]

  • Month three:

[tex]953.34*14.5\%/12=11.52\\953.24+11.52=964.86[/tex]

See morea bout finances at brainly.com/question/10024737

Otras preguntas