Hee : (
nathan uses a credit card with a 20.4% apr, compounded monthly, to pay for a cruise totaling $1,045.87. he can pay $490 per month on the card. what will the total cost of this purchase be?
a. $1,045.87
b. $1,074.99
c. $1,140.86

980+93.40 = 1,074.99

Explanation:

The annual interest rate is 20.4% which is a 20.4/12 = 1.7% monthly rate.

1.7% = 0.017

Month 1:

interest = 0.017*(current balance)

interest = 0.017*(1045.87)

interest = 17.77979

interest = 17.78

principal = payment - interest

principal = 490 - 17.78

principal = 472.22

new balance = (old balance) - principal

new balance = (1045.87) - 472.22

new balance = 573.65

at the end of month 1, the balance is $573.65

So far, you have paid $490

Month 2:

interest = 0.017*(current balance)

interest = 0.017*(573.65)

interest = 9.75205

interest = 9.75

principal = payment - interest

principal = 490 - 9.75

principal = 480.25

new balance = (old balance) - principal

new balance = (573.65) - 480.25

new balance = 93.40

At the end of month 2, the balance is $93.40

So far, you have paid 490+490 = 980 dollars

Month 3:

The current balance of $93.40 is less than $490, so we don't have to pay the full $490. We can simply pay off the remaining balance.

Add this to the current total paid amount so far to get 980+93.40 = 1,073.40

I'm not sure if I made a rounding error somewhere or if there is a typo. The closest answer choice I see is choice B. So I'm thinking the answer is choice B. I'd get a second opinion or ask the teacher on this one.

the answer is a. mothma gupta.

according to greek mythology, persephone, the queen of the underworld, was the daughter of zeus and demeter, the goddess of harvest and fertility. she was also called kore, which means "maiden" and grew up to be a lovely girl attracting the attention of many gods.

explanation: