a) Will credit cards help? The average undergraduate student leaves college with a diploma and around $2750 in credit card debt (graduate students, $4800). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. Month 1 23 3 4 5 678 a 9 10 11 12 Current balance $2750.00 $2750.38 Interest $45.38 Payment $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 11 Amount applied to principal -$0.38
a) Will credit cards help? The average undergraduate student leaves college with a diploma and around $2750 in credit card debt (graduate students, $4800). Suppose you have a credit card with a balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount of interest due each month is figured as current balance where r is the rate (decimal form) and n is 12. Fill in the table, making minimum payments. Month 1 23 3 4 5 678 a 9 10 11 12 Current balance $2750.00 $2750.38 Interest $45.38 Payment $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 $45.00 11 Amount applied to principal -$0.38
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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a) Will credit cards help? The average undergraduate student leaves college with a diploma and
around $2750 in credit card debt (graduate students, $4800). Suppose you have a credit card with a
balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount
of interest due each month is figured as current balance where r is the rate (decimal form) and n is
12. Fill in the table, making minimum payments.
Font Paragraph Styles Editing
Current
balance
$2750.00
$2750.38
1011 words LX
Interest
$45.38
Type here to search
Payment
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
$45.00
Focus
Dictate
00
Editor
Editor
TT
Amount applied to principal
-$0.38
m}
+ 80%
H e
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