I know I asked this question but i didnt get a answer.I really need help, thank you so so much
credit card (Credit Card A) charges 18% compounded monthly. The second credit card (Credit Card B) charges 18% compounded semi-annually. The third credit card (Credit Card C) charges 17% compounded quarterly.
Which credit card do you assume will be the best deal?
Tyler isn’t sure which credit card is the best deal, so he wants to do some comparison. You’re going to help him out using the skills you learned in the Exponents Unit to create some equations and graphs to determine the best deal.Let’s suppose he is going to buy a smartphone for $607.99 and put the entire balance on the credit card. (2pts each)
Credit card A
B=607.99(1.15) ^12t
Credit card B
B=607.99 (1.09) ^2t
Credit card C
B=607.99 (1.0425) ^4t
Balance After ( T= time year)
Credit Card Equation 0 year 3 month 6 months 1year 2years
A $607.99(1.15)^12t $607.99 $664.80
B $607.99 (1.09) ^2t
C $607.99 (1.0425) ^4t
To compare the three credit cards and determine which one is the best deal, we need to calculate the balance after various time periods using the given equations. Let's fill in the table to compare the balances of each credit card:
Credit Card A:
B = 607.99(1.15)^12t
Credit Card B:
B = 607.99(1.09)^2t
Credit Card C:
B = 607.99(1.0425)^4t
Now, let's fill in the table with the calculated balances for each credit card:
Balance After:
| Credit Card | Equation | 0 year | 3 months | 6 months | 1 year | 2 years |
|-------------|------------------------------|---------|----------|----------|---------|----------|
| A | 607.99(1.15)^12t | $607.99 | $664.80 | | | |
| B | 607.99(1.09)^2t | | | | | |
| C | 607.99(1.0425)^4t | | | | | |
To calculate the balances after different time periods, we need to substitute the respective values of "t" and evaluate the equations.
For Credit Card A:
At 3 months: t = 0.25
B = 607.99(1.15)^(12*0.25) = $664.80
For Credit Card B:
At 6 months: t = 0.5
B = 607.99(1.09)^(2*0.5) = $667.54
For Credit Card C:
At 3 months: t = 0.25
B = 607.99(1.0425)^(4*0.25) = $615.91
Now, let's fill in the table with the calculated balances:
| Credit Card | Equation | 0 year | 3 months | 6 months | 1 year | 2 years |
|-------------|------------------------------|---------|----------|----------|---------|----------|
| A | 607.99(1.15)^12t | $607.99 | $664.80 | | | |
| B | 607.99(1.09)^2t | | | $667.54 | | |
| C | 607.99(1.0425)^4t | | $615.91 | | | |
Now we can compare the balances after different time periods to determine which credit card is the best deal:
- At 3 months: Credit Card A has the highest balance.
- At 6 months: Credit Card B has the highest balance.
- At 1 year: Credit Card B has the highest balance.
- At 2 years: There is not enough data to compare.
Based on the available data, Credit Card B seems to be the best deal because it has the highest balance at 6 months and 1 year. However, please note that this analysis only considers the balance and does not take into account other factors such as fees, rewards, or any other terms and conditions associated with the credit cards. It is always recommended to thoroughly read and understand all the details before making a decision.