Explanation Given: The charge of new credit card is $ 1000 . The monthly rate of financed charged amount is 2 % . The minimum payment of new balance is 5 % . The exponential function for balance B after n payments is given as, B = 1000 × a n Here, a is the decay factor and n is the time period in months. The formula for minimum payment is, a = ( 1 + 0.02 ) ( 1 − 0.05 ) Approach: To find the exact value of the decay factor a , first consider the formula for minimum payment and simplify it and find the value of a . Calculation: Consider the formula for minimum payment, a = ( 1 + 0 To determine (b) To find: The percentage by which the balance decreases monthly. To determine (c) To find: The balance after making 3 years of payment.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN: 9781337515610

Author: Crauder

Publisher: Cengage

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Chapter 4.CR, Problem 3CR

To determine

(a)

To find:

The exact value of the decay factor a.

To determine

(b)

To find:

The percentage by which the balance decreases monthly.

To determine

(c)

To find:

The balance after making 3 years of payment.

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Chapter 4.CR, Problem 2CR

Chapter 4.CR, Problem 4CR

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Chapter 4 Solutions

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Ch. 4.1 - TEST YOUR UNDESTANDING| FOR EXAMPLE 4.1...Ch. 4.1 - TEST YOUR UNDERSTANDING| FOR EXAMPLE 4.2 In a...Ch. 4.1 - Prob. 3TU Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...Ch. 4.1 - Reminder Round all answers to two decimal places...

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