Ask Question
23 January, 16:23

many credit card companies charge a compound interest of 1.8% per month on a credit card balance. Miriam owes 750 on a credit card If she makes no more purchases or payments she will go more and more in debt Which of the following sequences describes her increasing monthly balance?

+4
Answers (1)
  1. 23 January, 16:52
    0
    Most credit card companies also apply a late payment penalty if you owe a balance and do not make a payment. Ignoring that fee, Miriam's balance will increase as:

    B (n) = 750 (1.018) ^n

    where B (n) is Miriam's balance after n months. The progression will be:

    $750.00

    $763.50

    $777.24

    $791.23

    $805.48
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “many credit card companies charge a compound interest of 1.8% per month on a credit card balance. Miriam owes 750 on a credit card If she ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers