High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the interest rate is r% can be approximated by the equation shown below.† I/175.393 + 0.663 = r If the credit card interest rate is 15.6%, find the amount of interest paid during the 3 years. I = $_______
Equations and Inequations
Equations and inequalities describe the relationship between two mathematical expressions.
Linear Functions
A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.
High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the interest rate is r% can be approximated by the equation shown below.†
If the credit card interest rate is 15.6%, find the amount of interest paid during the 3 years.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
