Mathematics, 29.02.2020 22:54 mistiehaas
Task 2: Interest in Finance
Interest is a concept familiar to most people: every credit card in existence has a term called
annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a
credit card that has a minimum payment each month equal to the interest owed. Can you
figure out how much the interest rate is based on this amount?
The formula for simple interest is
where / is the amount you will pay in interest,
is the rate at which interest will accrue, P is the principal (amount borrowed), and m is the
number of times the interest is applied.
a. To solve for the interest rate of your credit card, you need to understand which variables in
the above formula you have. If your minimum monthly payment is $22 on the $1,000 credit
card bill, which variables do you know the values of?
Type your response here:
b. Manipulate the formula so it will calculate the interest rate you are paying instead of the
amount of money you are paying.
Type your response here:
Answers: 2
Mathematics, 20.06.2019 18:04
The price of a coat increased from $78 to $92. what is the price increase percentage?
Answers: 1
Mathematics, 21.06.2019 13:00
What is the equation of the graph that represents f(x)=x^4 stretched vertically by 2 and shifted up 3 spaces
Answers: 1
Mathematics, 21.06.2019 17:00
Mary beth used the mapping rule to find the coordinates of a point that had been rotated 90° counterclockwise around the origin. examine the steps to determine whether she made an error. m (3, –6) is rotated 90° counterclockwise. (x, y) → (–y, x) 1. switch the x- and y-coordinates: (6, –3) 2. multiply the new x-coordinate by –1: (6(–1), –3) 3. simplify: (–6, –3) .
Answers: 1
Mathematics, 21.06.2019 17:00
Use the graph of the sine function y=2sinθ shown below
Answers: 1
Task 2: Interest in Finance
Interest is a concept familiar to most people: every credit card i...
Interest is a concept familiar to most people: every credit card i...
Mathematics, 24.09.2019 19:30
History, 24.09.2019 19:30
Chemistry, 24.09.2019 19:30
Mathematics, 24.09.2019 19:30
Mathematics, 24.09.2019 19:30
History, 24.09.2019 19:30
Mathematics, 24.09.2019 19:30
Biology, 24.09.2019 19:30
Chemistry, 24.09.2019 19:30