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lexysmith1722
22.10.2019 •
Mathematics
69. suppose that you currently have one credit card with a balance of $10,000 at an annual rate of 24.00% interest. you have stopped adding any additional charges to this card and are determined to pay off the balance. you have worked out the formula bbn = b0r n − r(1 + r+r2 ++ r n−1), where b0 is the initial balance, bn is the balance after you have maden payments, r= 1 + i, wherei is the monthly interest rate, and r is the amount you are planning to pay each month.
a. what is the monthly interest rate i ? what is the growth rate, r ?
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Ответ:
Step-by-step explanation:
For an effective annual rate j you have that the monthly interest rate can be related to it as:
Solving for i:
replacing j = 24% => i = 1,8087 %
So growth rate r would be:
Ответ: