Clayton transferred a balance of $4125 to a new credit card at the beginning

of the year. The card offered an introductory APR of 7.9% for the first 5

months and a standard APR of 25.7% thereafter. If the card compounds

interest monthly, which of these expressions represents Clayton's balance at

the end of the year? (Assume that Clayton will make no payments or new

purchases during the year, and ignore any possible late payment fees.)

Question

Mathematics

Maximillian Santos

9 April, 10:34

Clayton transferred a balance of $4125 to a new credit card at the beginning

of the year. The card offered an introductory APR of 7.9% for the first 5

months and a standard APR of 25.7% thereafter. If the card compounds

interest monthly, which of these expressions represents Clayton's balance at

the end of the year? (Assume that Clayton will make no payments or new

purchases during the year, and ignore any possible late payment fees.)

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Answers (1)

Know the Answer?

Luci · Answer 1

Answer: ($4125) (1+0.079/12) ^5 (1+0.257/12) ^7

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