You have a balance of $15,000 for your tuition on your American Express credit card. If your APR is 21%, you make no further charges, and each month you make only the minimum payment of 3% of your balance, then the formula for the balance after t monthly payments is given by 15,000(0.986975)t. What will the balance be after 10 years?

Answers

Answer 1
Answer:

Answer:

$3,110.50

Explanation:

If the formula for calculating your credit card balance after t monthly payments is $15,000 x (0.986975)∧t, and t = 120 (= 10 years x 12 payments per year);

your credit card balance will = $15,000 x (0.986975)∧120 = $15,000 x 0.20737 = $3,110.50 after 10 years.

It is never a good idea to only pay the minimum monthly payment, since it takes forever to pay your credit card debt.


Related Questions

Bonds can be issued with detachable warrants. When this occurs, how should the cash received at the issuance be accounted for: Multiple Choice All of the proceeds are allocated to the bonds. The proceeds from the bond issue are allocated between the bonds and the warrants on the basis of their relative face values. A nominal amount is allocated to the warrants. The proceeds from the bond issue are allocated between the bonds and the warrants on the basis of their relative market values.
Rank the volumetric energy density (J/L) of the following transportation fuels from low to high (1= lowest and 4 = highest). Hint you will need to think about the CNG one - the answer is not directly stated in the lecture.a. Compressed natural gas.b. Diesel.c. Ethanol.d. Gasoline
According to the Jo-Hari window model, what are blind spots?a. Something that the sender knows and communicates to the receiver b. Something that the sender knows but doesn't communicate to the receiver c. Something that the sender doesn't know but the receiver does d. Something that neither the sender nor the receiver knows
Allied Parts was organized on May 1, 2013 and made its first purchase of merchandise on May 3. The purchase was for 1,500 units at a price of $11 per unit. On May 5 Allied Parts sold 900 of the units for $15 per unit to Baker Co. Terms of the sale were 2/10 n/60. a. On May 7, Baker returns 315 units because they did not fit the customers needs. Allied Parts restores the units to its inventory. b. On May 8, Baker discovers that 75 units are damaged but are still of some use and therefore, keeps the units. Allied Parts sends Baker a credit memorandum for $525 to compensate for the damage. c. On May 15, Baker discovers that 50 units are the wrong color. Baker keeps 54 of these units because Allied Parts sends a $110 credit memorandum to compensate. Baker returns the remaining 36 units to Allied Parts. Allied Parts restores the 36 returned units to its inventory.
Athens Delivery Service is hired on October​ 31, 2018 to perform​ services, beginning on November​ 1, 2018. The delivery services will be performed for six months at a rate of $ 2 comma 600 per month. ​ Athens' fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December​ 31, 2018?

Select the three categories into which internal influences can be divided.1.) culture
2.) competition
3.) management
4.) customer behavior
5.) governmental policies
6.) physical plant
7.) societal changes

Answers

the answers are

1) culture

3) management

6) physical plant.

Due to the backlash against advertising that clutter can cause, advertisers are integrating more tools within theoverall promotional effort to reach more consumers in different ways, such as through mobile or social media or digital content.A. TrueB. False

Answers

Answer:

A. True

Explanation:

Yes! it is very true statement because due to negative views of the people against the advertising industry.

This was the reason due to  which the advertising industry come up to add more tools in there advertisement through social media some of the time or through mobile phones some of the time or through the digital contents some of the time.

Liabilities are the amounts of money due to others that need to be paid now. true or false

Answers

This is false. The statement is only partially true. 

In accounting/business, liabilities are all amounts owed to others, either now or in the future. This can be both money and other goods. So, I would say this is false.

For which of the following do credit card companies usually not charge a fee

Answers

I'm thinking A) Early repayment.

When you gave your friend a fifty-dollar bill for an iPod, you used money as:A. a standard
B. store of value
C. medium of exchange
D. measure of value

Answers

Answer: Medium of exchange.

Explanation:

The $50 is given in exchange for an iPod, therefore in the question's illustration money serves as a medium of exchange. Money as a medium of exchange means that money is needed when conducting business transactions that involves buying and selling.

A survey of schoolchildren aged 7-8 years in a rural district aims to estimate the prevalence of malaria. A previous study found the prevalence of malaria to be 40%. What should be the size of the sample of schoolchildren to give a 95% chance of observing the prevalence rate to within 5% of the true value?

Answers

Answer:

384

Explanation:

To determine the sample size needed, we can use the formula for sample size calculation in a survey:

\[ n = \frac{Z^2 \times p \times (1-p)}{E^2} \]

Where:

- \( n \) = required sample size

- \( Z \) = Z-score corresponding to the desired confidence level (for 95% confidence, Z-score is approximately 1.96)

- \( p \) = estimated prevalence rate (0.40)

- \( 1-p \) = complementary probability to the estimated prevalence rate

- \( E \) = desired margin of error (0.05, as 5% of the true value)

Plugging in the values:

\[ n = \frac{(1.96)^2 \times 0.40 \times (1 - 0.40)}{(0.05)^2} \]

\[ n = \frac{3.8416 \times 0.24}{0.0025} \]

\[ n \approx 369.7856 \]

Rounding up to ensure an adequate sample size, the required sample size should be approximately 370 schoolchildren to achieve a 95% chance of observing the prevalence rate within 5% of the true value.

Final answer:

The size of the sample of schoolchildren should be approximately 36880 to give a 95% chance of observing the prevalence rate to within 5% of the true value.

Explanation:

To calculate the required sample size, we can use the formula:

n = (Z^2 * p * (1-p)) / E^2

Where:

  • n is the required sample size
  • Z is the Z-score corresponding to the desired confidence level
  • p is the estimated prevalence
  • E is the margin of error

In this case, the desired confidence level is 95%, which corresponds to a Z-score of approximately 1.96. The estimated prevalence of malaria is 40%, which can be expressed as 0.4. The margin of error is 5%, which can be expressed as 0.05.

Substituting these values into the formula:

n = (1.96^2 * 0.4 * (1-0.4)) / 0.05^2

Simplifying the equation:

n = (3.8416 * 0.24) / 0.0025

n = 92.1984 / 0.0025

n ≈ 36879.36

Rounding up to the nearest whole number, the required sample size is approximately 36880.

Learn more about sample size calculation for estimating prevalence here:

brainly.com/question/33568753

#SPJ14

Other Questions