Instructions: Type your response in the box Steve signs up for his first credit card and is reading about interest rates. After buying a laptop for school with the card, he builds the following function to model how much he will owe it he makes no
payments on the card after t years.
f) = 1,000 (1.2)'
Part A Is the amount of money Steve owes growing or shrinking? What portion of the function indicates this?
Part B. What interest rate is Steve paying on his card? What portion of the function indicates this?
Part C. Steve has heard that credit card interest rates are very high. How much money will he owe after 5 years? How does this amount differ from the $1,000 he spent on the laptop?
no