Suppose you have a balance of B dollars on a credit card. You choose to stop charging and pay off the card, making only minimum monthly payments. If your card charges an APR of r, as a decimal, and requires a minimum monthly payment of 5% of the balance, then the time T, in months, required to reduce your balance to $100 is given by   T = 2- log(B) _____________ log(0.95(1+r/12))                  Suppose your current balance is $8000.   (a)How long will it take to reduce your balance to $100 if the APR for your card is 27%? (Report your answer to the nearest whole month.)     __________months

Q: Which of the following scenarios best represents a constant rate of change? Group of answer choices…

A: The objective of the question is to identify the scenario that best represents a constant rate of…

Q: The rate of a continuous money flow starts at $1300 and increases exponentially at 6% per year for…

A: Solution:-

Q: John has won the Maga-Bucks lottery, which pays $100.000 suppose he deposits the money in a saving…

A:

Q: The rate of a continuous money flow starts at $700 and increases exponentially at 4% per year for 20…

A: Initial Amount (P0): $700 R = 4% = 0.04

Q: If interest in a bank account is compounded continuously, the amount grows at a rate that is…

A: Solution: Given data, Initial amount P = $1000 rate r= 5% = 0.05 According to continuously…

Q: Find the economic profit for this scenario.     Principal: $5,000     Rate: 6% compounded…

A: To find the economic profit, we need to calculate the present value of the future cash flows and…

Q: Find the economic profit for this scenario.     Principal: $2,000     Rate: 7% compounded…

A: Given that Principal: $2,000 Rate: 7% compounded continuously Time: 2.5 years Risk free rate: 4%…

Q: On the day of a child’s birth, a deposit of $P is made in a trust fund that pays 8.75% interest,…

A:

Q: Assume that a person have $2000 dollars deposit in their account with 3% annual interest rate…

A:

Q: explain this.  How long will it take Dio who has an investment  of $200 at 4% interest compounded…

A: Given:

Q: A certain college graduate borrows 8391 dollars to buy a car. The lender charges interest at an…

A: given Bt=8391 at t=0 rate of interest τ=13%   =0.13 payment rate =k at time 7 years  B7=0 now,…

Q: An investment earns an annual interest rate of 4.6%. What continuous annual interest rate will…

A: Interest Rate = 4.6% (per annual) he contionus same grouth per annual then  intrest rate will be…

Q: A building was bought for $130,000 and sold 17 years later for $470,000. What interest rate…

A: We will find which formula is appropriate and what should be the next logical step as following.

Q: A Math 110 student decides to make monthly payments of $1,000 into a retirement account paying 9%…

A: Given : Quarterly payments =$1,000 Rate of interest = 9% Time Period = 50 years   To solve :  The…

Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.