Mathematics: Mario transferred a balance of $6050 to a new credit card at the beginning of the year. the card offered an introductory apr of 3.1% for the first 3 months and a standard apr of 20.6% thereafter. if the card compounds interest monthly, which of these expressions represents mario s balance at the end of the year? (assume that mario will make no payments or new purchases during the year, and ignore any possible late payment fees.)

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Mario transferred a balance of $6050 to a new credit

avelyp

06.01.2022

$6050(1+\frac{0.031}{12})^{3}(1+\frac{0.206}{12})^{9}$

Step-by-step explanation:

p = $6050

The card offered an introductory APR of 3.1% for the first 3 months

r = 3.1% or 0.031

t = 3

n = 12

So, compound interest formula for this period is :

$6050(1+\frac{0.031}{12})^{3}$

And a standard APR of 20.6% thereafter,

r = 20.6% or 0.206

t = 9

n = 12

So, compound interest formula for this period is :

$6050(1+\frac{0.206}{12})^{9}$

Now as the p is common, we can re write the expressions as :

$6050(1+\frac{0.031}{12})^{3}(1+\frac{0.206}{12})^{9}$

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