Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.

2,250 (1.17) ^t

Write an exponential expression in the form (b) c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

Question

Ronnie Ortiz

Mathematics

5 January, 17:48

Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.

2,250 (1.17) ^t

Write an exponential expression in the form (b) c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

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Answers (1)

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Whispy · Answer 1

Given that the annual interest rate of Jacki's credit card is 17%,

it means 17% = 17/100 = 0.17

The exponential expression that reveals the monthly interest rate of Jacki's credit card is:

2,250 (1 + 0.17/12) ¹²t

2,250 (1+0.014) ¹²t

=2,250 (1.014) ¹²t