Please answer part a through d and make it clear the answer for each part. * rou
ID: 2558708 • Letter: P
Question
Please answer part a through d and make it clear the answer for each part. * round to the nearest cent as needed *a: after 6 months the balance is ? b: one year (remember that t is in months) C: eight years Suppose you owe $600 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account. Assuming that the interest rate on your card is 2% per month on the unpaid balance and that the minimum payment is 3% of the total (balance plus interest), your balance after t months is given by B(t) 600(9894'). Find your balance at each of the given times in parts (a) through (d) below. (a) six months After six months, the balance is S (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer
Explanation / Answer
a) After 6 months i.e. B(t=6)= 600(.9894 raise to the power 6)= 562.84
b) B(1yr)= 600(.9894 raise to the power 12)= 527.98
c) B(8 yrs) = 600(.9894 raise to the power 96)= 215.7
d) B(10 yrs)= 600(.9894 raise to the power 120)= 167.02