Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of each month until the debt is paid off. How long does it take to pay off the credit card debt? Fill out the table row by row, and continue until the last full payment. (Round to the nearest cent as needed.) Month Payment Expenses Interest New Balance $1000 1 $200 $90 0.02 x $1000 = $20.00 $1000 - $200 + $90 + $20.00 = $910.00 2 $200 $90
Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of each month until the debt is paid off. How long does it take to pay off the credit card debt? Fill out the table row by row, and continue until the last full payment. (Round to the nearest cent as needed.) Month Payment Expenses Interest New Balance $1000 1 $200 $90 0.02 x $1000 = $20.00 $1000 - $200 + $90 + $20.00 = $910.00 2 $200 $90
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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![Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the
same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous
month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of
each month until the debt is paid off. How long does it take to pay off the credit card debt?
Fill out the table row by row, and continue until the last full payment.
(Round to the nearest cent as needed.)
Month
Payment
Expenses
Interest
New Balance
$1000
1
$200
$90
0.02 x $1000 = $20.00
$1000 - $200 + $90 + $20.00 = $910.00
2
$200
$90](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F08d481ca-524f-4a4a-8066-7352cd571437%2F62f595a3-2d11-4b82-8145-ce0d4a7bffd5%2Fh3ftw56_processed.png&w=3840&q=75)
Transcribed Image Text:Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the
same time you charge an additional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous
month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of
each month until the debt is paid off. How long does it take to pay off the credit card debt?
Fill out the table row by row, and continue until the last full payment.
(Round to the nearest cent as needed.)
Month
Payment
Expenses
Interest
New Balance
$1000
1
$200
$90
0.02 x $1000 = $20.00
$1000 - $200 + $90 + $20.00 = $910.00
2
$200
$90
![Suppose that on January 1 you have a balance of $5800 on a credit card whose APR is 17%, which you want to pay off in 4 years. Assume that you
make no additional charges to the card after January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paid since January 1?
c. What percentage of your total payment (part b) is interest?
...
a. The monthly payment is $
(Do not round until the final answer. Then round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F08d481ca-524f-4a4a-8066-7352cd571437%2F62f595a3-2d11-4b82-8145-ce0d4a7bffd5%2F076ps4_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that on January 1 you have a balance of $5800 on a credit card whose APR is 17%, which you want to pay off in 4 years. Assume that you
make no additional charges to the card after January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paid since January 1?
c. What percentage of your total payment (part b) is interest?
...
a. The monthly payment is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
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