A bank credit card charges interest at the rate of 24% per year, compounded monthly. If a senior in college charges $1,500 to pay for college expenses, and intends to pay it in one yewhat will he have to pay? (Round your answer to the nearest cent.)

$

Answers

Answer 1
Answer:

Answer: 1902.36

Step-by-step explanation:

When interest is compounded monthly , the formula to find the accumulated amount is

A=P(1+(r)/(12))^(12t) , where P = principal value , r = rate of interest , t = time.

As per given,

r= 24% =  0.24

P= $1500

t= 1 year

Put all value in formula , we get

A= 1500(1+(0.24)/(12))^(12* 1)\n\n=1500(1+0.02)^(12)\n\n=1500(1.02)^(12)\n\n=1500(1.26824179456)\approx1902.36

Hence, he need to pay $1902.36.


Related Questions

What number is bigger 3/4 or 0.75
Amanufacturing machine has two processes. One of them is repeated 4 times and the second only once. The entire cycle can take no longer than 3 minutes. Which graph represents the overall equation represented by this scenario (all points may not apply to the scenario)​
The distance d of a particle moving in a straight line is given by d(t) = 2t3 + 5t – 2, where t is given in seconds and d is measured in meters. Find an expression for the instantaneous velocity v(t) of the particle at any given point in time.
10 and 11.Is this relation a function?у367 6 5 4532.1.-2 -1-11 2 3 4g6 78x8-2-3Yes, this is a function. It does pass the vertical line test.No, this is not a function. It does NOT pass the vertical line test.11What is the independent variable of the following statement?Lukegoes to the store to buy some candy, The more money he has, the more candy he will buy.The amount of candy he buysThe amount of money he hasThe store he goes toThe type of money he has
Can somebody pleaase answer for me

T=v /6 + 5
a) Work out the value of T when v = 42

Answers

The value of T in the equation if v = 42 is 12

How to solve algebra

Given:

T= v /6 + 5

If v = 42, find T

  • substitute 42 for v in the equation

T= v /6 + 5

T = 42/6 + 5

  • solve the fraction first

T = 7 + 5

T = 12

Therefore, the value of T in the equation if v = 42 is 12

Learn more about algebra:

brainly.com/question/4344214

Multiply. Write your answer in simplest form.
-√2(-2+√5)

Answers

Step-by-step explanation:

this is all I can find I hope it helps you out us not I'm sorry

What’s the correct answer for this?

Answers

Answer:

BC = 67

Step-by-step explanation:

Since both tangents are originating from a single point, they are equal, rest in the attached file

A package of 6 pairs of insulated socks costs $34.14. What is the unit price of the pairs of socks?​

Answers

Answer:

\boxed {\tt \$5.69 \ per \ pair}

Step-by-step explanation:

We want to find the unit price for the insulated socks, or the price per pair of insulated socks. To find the unit price, we must divide the cost by the pairs of socks.

unit \ price =(cost)/(pairs)

We know that it costs $34.14 for 6 pairs of socks.

unit \ price =(\$34.14)/(6 \ pairs)

Divide.

unit \ price = \$5.69 / pair

The unit price is $5.69 per pair of insulated socks.

Answer:

$5.69

Step-by-step explanation:

34.14/6

=5.69

The unit price of the pairs of socks are $5.69.

Type your response in the box.Janet and Patrick are buying stuffed frogs each month to give to a charity. Pattern 1 describes Janet's collection over
the first three months. Pattern 2 describes Patrick's collection. Study both patterns, and fill in the table based on
your observations.

Answers

Step-by-step explanation:

Pattern 1 :

Arithmetic Sequence

Common term = 4

Pattern 2 :

Geometric Sequence

Common ratio = 2

Answer:

pattern 1 arithmetic The common difference is 4. The pattern starts at 3 and always adds 4 to get to the next term.

pattern 2 geometric The common ratio is 2. The pattern starts at 3 and always multiplies by 2 to get to the next term.

Step-by-step explanation:

Select the correct answer.
Which of these sentences is always true for a parallelogram?

Answers

Answer:

Letter D

Remember to drink water

Answer:

parallelograms are shapes that have 2 sets of parallel sides. for example, squares, rectangles, and rhombuses are all types of parallelograms