If you charge $2,000 on a credit card today, how much will the balance be in seven years (assuming no additional fees) if the cr

Question

If you charge $2,000 on a credit card today, how much will the
balance be in seven years (assuming no additional fees) if the
credit card has 14.99% APR that is compounded monthly?
A = P(1 + )

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Brielle 3 hours 2021-10-14T04:55:00+00:00 1 Answer 0

Answers ( )

    0
    2021-10-14T04:56:36+00:00

    Answer:

    $5,674.30

    Step-by-step explanation:

    Use the Compound Amount formula:

    A = P(1 + r/n)^(n*t), where r = APR as a decimal fraction = 0.1499

    and n = 12 (compounded monthly).

    Then A = $2,000(1 + 0.1499/12) )^(7*12)

                 =  $2,000(1 +  0.0125)^84

                  = $2,000(1.0125)^84 = $2,000(2.837) = $5,674.30

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45:7+7-4:2-5:5*4+35:2 =? ( )