Concept explainers
Paying Off a Credit Card Suppose you owe $15, 000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by
How many payments will you have to make to get the balance below $100?
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EBK FUNCTIONS AND CHANGE: A MODELING AP
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- You inherit one million dollars. You invest it all in three accounts for one year. The first account pays 3% compounded annually, the second account pays 4% compounded annually, and the third account pays 2% compounded annually. After one year, you earn $34,000 in interest. If you invest four times the money into the account that pays 3% compared to 2%, how much did you invest in each account?arrow_forwardIn the situation of the example, how long could you keep the car if your expense account allowed 242?arrow_forwardYou inherit one hundred thousand dollars. You invest it all in three accounts for one year. The first account pays 4% compounded annually, the second account pays 3% compounded annually, and the third account pays 2% compounded annually. After one year, you earn $3,650 in interest. If you invest five times the money in the account that pays 4% compared to 3%, how much did you invest in each account?arrow_forward
- ITEM BANK: Move to Bottom The number of bacteria and time when a If the half-life of a substance is 2 days, The altitude of a hot air balloon and time culture of 5000 bacteria is reduced by what is the amount of the substance left when the hot air balloon takes off at 7500 50% every two hours. at the end of 4 days? feet above sea level and rises 180 feet every minute. The cost of the rental space is $780 and the price per person for food is $9.75 The distance driven and total cost when a The volume of a landfill and time given taxi driver charges $3 for the first mile and $2 for each additional mile. that the volume triples every five years.arrow_forwardYou owe $750 on your credit card. For every month that you fail to make a payment, your balance increases by 3%. Find a formula for the balance B owed after t months with no payment.arrow_forwardAlice invests R6500 in an account paying 3% compound interest per year. Bob invests R6500 in an account paying r% simple interest per year. At the end of the 5th year, Alice and Bob’s accounts both contain the same amount of money. Calculate r, giving your answer correct to 1 decimal place.A. 3.0% B. 15.9% C. 3.2%D. 4.4%arrow_forward
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