College Algebra

You have a credit card with a balance of $3000. Each month the minimum payment is 2.5% of the balance. The monthly interest rate is 1.5% of the balance. You decide you would like to pay off this card by making the minimum payment each month. You cut up the card so that you cannot change your mind and use it again.
a) Find a decreasing periodic exponential function that models the balance at the beginning of each month.
b) How many months will it take to get the balance down to $5.00?

  1. 👍 0
  2. 👎 0
  3. 👁 120
asked by Tyler

Respond to this Question

First Name

Your Response

Similar Questions

  1. Computer science

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging

    asked by Owoeye seyifunmi on December 22, 2013
  2. computer programming

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging

    asked by abiola olumide on December 18, 2013
  3. Math

    Bailey uses his credit card to purchase accessories for his classic car. The only purchase he will make on his credit card is for the $3000 worth of accessories. He has a credit limit of $5000 with a 55-day interest-free period

    asked by Anonymous on September 28, 2018
  4. computer programming

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging

    asked by abiola olumide on December 18, 2013
  5. Finance

    Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges. If your APR is 18% and each month you make only the minimum payment of 4% of your balance, then the formula for the

    asked by Finance on June 28, 2015
  6. consumer math

    1. Which of the following is an advantage of using credit cards? (Points : 1) Credit card accounts charge monthly interest. It is very easy to charge more than you can pay off each month. If you pay late, you will be charged a

    asked by josh patterson on February 19, 2012
  7. Math

    Brooklyn opened a store credit card to purchase a sofa for $849. She put the entire purchase on the credit card. Her APR is 19.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining

    asked by Steve on October 17, 2017
  8. Consumer Math

    The amount left when you subtract last month's payment from last month's balance on a credit card statement is the (Points : 2) APR. unpaid balance. new balance. minimum payment.

    asked by Cody on March 3, 2016
  9. finance

    You have a credit card with an APR of 24%. The minimum payment is 5% of the outstanding balance (but no less than $20). Suppose you have $2000 on the card and you decide to stop charging and pay it off using the minimum payment

    asked by Diane on May 4, 2018
  10. Computer Programming using python

    Now write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months. By a fixed monthly payment, we mean a single number which does not change each month, but

    asked by Anonymous on October 28, 2013

More Similar Questions