What percentage of the credit cards balance is paid off, Financial Accounting

+44 141 628 6080
[email protected]

What percentage of the credit cards balance is paid off

Problem

You have a credit card with an APR of 22%. The card requires a minimum monthly payment of 14% of the balance. You have a balance of $7,400. You stop charging and make only minimum monthly payments.

1. Find a formula for the balance, B, after t monthly payments. Simplify the decay factor to 4 decimal places.

2. According to the formula you just created, what percentage of the credit card's balance is paid off each month? Give your answer as a percentage rounded to two decimal places.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: What percentage of the credit cards balance is paid off

Reference No:- TGS03258731

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

Analyzes the root cause of a specific patient safety issue

Analyzes the root cause of a specific patient safety issue in an organization, noting the degree to which various elements contributed to the safety issue.

Improvement plan in-service presentation

For this assessment, you will develop an 8-14 slide PowerPoint presentation with thorough speaker's notes designed for a hypothetical in-service session

Analyzes value of resources to reduce patient safety risk

Analyzes the value of resources to reduce patient safety risk or improve quality, identifying those that may be most valuable for reducing patient safety risk

What is the proposed mechanism of action of the medication

What is the proposed mechanism of action of the medication(s)? Why might this be appropriate for the patients?

Design an on boarding timeline

In your table, including when during the employee's employment, each specific activity should occur, who is responsible for conducting that activity

Prepare a corrective plan

Your hospital is a public, 500-bed hospital located in a southern U.S. city. Because of its location within the city, the hospital provides a high percentage

How determinant impacts the healthcare outcomes

Correctly identify your assigned social determinant. Briefly define the determinant and describe how it impacts healthcare outcomes.

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: What percentage of the credit cards balance is paid off

Reference No:- TGS03258731

Have a Question? (oR Write a Review)

Recent Questions Asked Financial Accounting

Q : What are the effects of this toxin on neurotransmission

Q : Calculate the value of fund required on date of retirement

Q : What will harry corporation stock sell for one year from now

Q : What should be the price of tangshans stock

Q : What percentage of the credit cards balance is paid off

Q : Who receives bigger subsidy first year or third-year student

Q : What is the minimum score that the student needs on the test

Q : How your company can benefit from the use of the tools

Q : What jc manufacturings final cost of inventory that it kept