Math

A certain department store requires its credit-card customers to pay interest on unpaid bills at the rate of 18% per year compounded monthly. If a customer buys a television set for $500 on credit and makes no payments for one year, how much is owed at the end of the year? (Round your answer to the nearest cent.)

  1. 👍 0
  2. 👎 0
  3. 👁 343
  1. 500(1 + 0.18/12)^(12*1) = ____

    1. 👍 1
    2. 👎 0
    👨‍🏫
    oobleck

Respond to this Question

First Name

Your Response

Similar Questions

  1. finance

    You have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for

  2. 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

  3. Statistics

    A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and

  4. MATH

    Levi would like to use a credit card to make a $3000 purchase. He is considering two credit options. The first requires a down payment of $1000 followed by monthly payments of $125. The second requires a down payment of $1300

  1. Advanced Algebra

    The table summarizes the credit card debt Michael currently holds. Use this table to answer the question that follows. Credit Card Balance APR Minimum Payment Total Interest Paid Number of Months to Pay off Home Improvement Card

  2. Math

    Yvonne bought a new computer and printer for college. The total cost was $2500, which she put on her new credit card that has an interest rate of 13.5%. She makes a $75.00 monthly payment. How many months will it take to pay off

  3. Math

    Yvonne bought a new computer and printer for college. The total cost was $2500, which she put on her new credit card that has an interest rate of 13.5%. She makes a $75.00 monthly payment. How many months will it take to pay off

  4. Math

    Hak Young is tired at the end of the semester and decides he really needs a break so he pays for a one week all-inclusive trip to Disney Land with his credit card. In total the trip cost $3000 and his credit card charges 21%

  1. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each

  2. Math

    Katherine uses her credit card to purchase a new television for $709.15. She can pay off up to $350 per month. The card has an annual rate of 25.7% compounded monthly. How much will she pay in interest?

  3. Statistics

    A bank is testing a new method for getting delinquent customers to pay their past-due credit card bills. The standard way was to send a letter (costing about $0.45) asking the customer to pay. That worked 30% of the time. The bank

  4. accountig

    Continuing Cookie Chronicle 1 Continuing Cookie Chronicle (Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 7.) CCC8 One of Natalie’s friends, Curtis Lesperance, runs a coffee shop where he sells

You can view more similar questions or ask a new question.