Question

*Advance Algebra With Financial Applications*

APR=(1+0.0155833333)^(12)(30)-1 ?

APR 18.7% compounded monthly
Grace Period 30 days
Minimum Payment 3.5% of the remaining balance or $30, whichever is higher


Pamela charged $925 to her credit card last month. What is the first minimum payment she must make?
$92.50

$172.98

$32.38

$30.00

Answer 1

Is this the correct formula ? APR=(1+0.0155833333)^(12)(30)-1

Answer 2

APY=(1+0.0155833333)^(12)-1
APY=(1.0155833333)^(12)-1
APY=1.2039 - 1
APY=0.2039
=20.39 % ?

Answer 3

\[(1+\frac{apr}{12})^{12}=1+apy\]
\[(1+\frac{apr}{12})^{12}-1=apy\]

Answer 4

but no, thats not what the question is asking for

Answer 5

B(1+apr/12) = ______

Answer 6

(1+0.187/12)=1 + 0.2039 ?

Answer 7

i forgot to factor in the grace period, but even then the amount differs by ony cents

Answer 8

3.5% of 925, or $30 which is greater?

Answer 9

$30

Answer 10

925(.052) = 32.38


30.00 ..... 32.00
^^^^^

Answer 11

where .052 from ?

Answer 12

i tried to fix my .032 into .035 but editied the wrong number :/

even if she went over the grace period:

925(1+.187/12)(.035) = 32.88

Answer 13

lol i feel like an idiot that all I had to do ?

Answer 14

thats all i read it as ...

Answer 15

Thank you soo much ! :D