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? asked in Business & FinancePersonal Finance · 2 weeks ago

Math Question?

 $2,000 on it in order to pay for their spring break trip. The credit card has an interest rate of 24.99%, and the interest is compounded monthly. If the student doesn’t make any payments for the first 9 months that they have the credit card, what will be the balance on the card rounded to the nearest penny? Use either A=P(1+rn)nt or A=Pert.

4 Answers

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  • Elaine M
    Lv 7
    2 weeks ago

    Wrong forum dude. 

  • ?
    Lv 7
    2 weeks ago

    Depends what the penalty is each month for not making the minimum payment.

  • ?
    2 weeks ago

    Lmao I figured it out. Thanks though eva ;) 

    2,000(1+(0.2499/12)^9 

    =$2407.64  

    :)

  • Eva
    Lv 7
    2 weeks ago

    If they haven't made any payments in 9 months the card would have been closed and turned over to collections.  This is a stupid question.

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