Question

You have just graduated from college and purchased a car for $6000. Your credit limit is $24,000. Assume that you make no payments and purchase nothing more and that there are no other fees. The monthly interest rate is 14%. Use the table feature on your graphing calculator to determine how much you will owe after 3 months..
a.
$9075.54
c.
$35,557.06
b.
$36,302.15
d.
$8889.26

Answer 1

@Compassionate

Answer 2

Credit cards interests are compounded monthly. So you need to compound the interest for 3 months and find the balance.

Answer 3

so C.

Answer 4

No.
A = P(1 + r)^t
P = 6000, r = 0.14, t = 3

Answer 5

d

Answer 6

Yes.

Answer 7

thanks

Answer 8

you are welcome.