You owe $300.00 on your credit card. Each month you fail to make a payment, your balance increases by 2%. how much will you owe after 2 years of missing payments?
Okay, here is what I got:
2% of 300 is $6
2 years is 24 months
6 times 24 is 144
300+144= $444
got it awhile ago. (300) (1.02)to the 24th power. equal $482.53. thanks
To find out how much you will owe after 2 years of missing payments, you need to calculate the total balance including the increment due to the 2% increase each month.
First, let's calculate the monthly increment. Since the balance increases by 2% each month, you can calculate it as follows:
Monthly increment = $300.00 * 2% = $300.00 * (2/100) = $6.00
Next, let's calculate the total number of months in 2 years. Since there are 12 months in a year, you have a total of 2 years * 12 months/year = 24 months.
Now, you can calculate the total balance after 2 years by adding the monthly increment for each month:
Total balance after 2 years = $300.00 + ($6.00 * 24) = $300.00 + $144.00 = $444.00
Therefore, after 2 years of missing payments, you will owe a total of $444.00 on your credit card.