Reminder Round all answers to two decimal places unless otherwise indicated.
Paying Off a Credit Card You owe $8000 on a credit card. Because of the high balance, you stop charging and begin paying off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. The card carries an APR of 24%. Under these conditions, the remaining balance alter t monthly payments is given by
You feel comfortable resuming charging with the card when the balance is between $1000 and $2000.
a. | Plot the graph of B along with the target values of 1000 and 2000. Use a horizontal span of 0 to 100. |
b. | For what values oft is the function B in the desired range? |
c. | After how many monthly payments can you resume charging? (Your answer should be a whole number.) |
Want to see the full answer?
Check out a sample textbook solutionChapter 2 Solutions
FUNCTIONS+CHANGE -WEBASSIGN
Additional Math Textbook Solutions
Elementary Algebra For College Students (9th Edition)
College Algebra
Elementary and Intermediate Algebra
Pre-Algebra Student Edition
Elementary Linear Algebra (Classic Version) (2nd Edition) (Pearson Modern Classics for Advanced Mathematics Series)
Linear Algebra and Its Applications (5th Edition)
- Finance A family has a monthly mortgage payment of $760, which is 16 of their monthly income. What is the family’s monthly income?arrow_forwardYou deposit 120 dollars into an account that pays an interest rate of 6% per year. a.) Find an equation for the amount you have after t years. A(t)= b.) Use the equation in part (a) to find the doubling time for the amount in your account. Round to two decimal places. How many yearsarrow_forwarda. Suppose you own a stamp collection valued at $1500. The collection is increasing in value at a rate of 3.5% a year. Write an equation to represent the value of your stamp collection over time. Let y = the value of your collection, let x = the years. y = What will your collection be worth 10 years from now? round to hundredths place $arrow_forward
- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round to the nearest cent.)p=$40,000 r=2.75 t=6arrow_forwardYou open a checking account. You are paid 5% interest on the average daily balance, but are charged a $10 monthly charge. Assuming that interest is paid monthly (regardless of the number of days in the month), calculate the average balance you must maintain to offset the $10 monthly chargearrow_forwardKicks saviras acount has a balance If he does not make a withdrOwa.l or deposit how much money will be in ricks account If it paus an anual inferest rate of 6 for 8 year compounded aquarterly? of 5000 $1.arrow_forward
- Calculate the amount of interest you'll have at the end of the indicated period. You invest $7000 in an account that pays simple interest of 5% for 1 year. need formulaarrow_forwardDetermine the simple interest. (The rate is an annual rate unless otherwise stated. Assume 360 days in one year.) p=$375, r=9.75%, t = 30 days The simple interest is $ P (Round to the nearest cent as needed.)arrow_forwardHow much interest will this account earn, if compound interest is calculated yearly? Principal = $11,000, Rate = 4% %3D %3Darrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillCollege Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningAlgebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGALFunctions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning