Question

How would i do this?
For a certain credit card, the total amount, A ,that a customer owes is given by the following formula. In the formula, P is the starting balance and n is the number of months of debt, assuming interest is compounded monthly. Suppose you begin with a credit card debt of $1000. After one year, you will owe $ _______.
A=P(1.015)^n

Answer 1

1000*(1.015)^12

Answer 2

so what is that??

Answer 3

The problem tells you that P is the starting balance and N is the number of months of debt.
Then it tells you that you begin with a debt of $1,000 and it's been a year.
So starting balance, P, is $1,000 and one year = 12 months so N = 12.
After than you plug the numbers into the formula it gives you and use your calculator to solve.
:D