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alicianaylor11110
alicianaylor11110
11.01.2021 • 
Mathematics

You owe $1,453.42 on a credit card with a limit of $3,000.00 at a rate of 13.75% APR. you pay $500.00 the first 2 months and then $300.00 until the bill is paid off. you pay the bill on the due date each month. 1) complete the table showing the decreasing debt.
● use the simple interest formula, 1 = prt, to find the interest each month.
● then add the interest to the principal and subtract the payment to find the end-of-month balance.
2) what is the total amount paid by the time you pay off the credit card?

be sure to include in your response:
● all parts of the table are complete and calculations correct.
● the answers to the additional questions

month | 1 | 2 | 3 | 4 | 5 | 6
principle

interest
accured
‐
payment. 1. 3
(on due date) | $500.00 | | $300.00 |

end of month
balance

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