12th grade math (Mathematics for Data and Financial Literacy)
A medical school student opens a credit card to pay for living expenses during their first year of medical school. The student expects to pay $12,500 in living expenses. The credit card company charges an annual interest rate of 15.99% compounded continuously. If no payments are made for three years, what will be the balance on the card rounded to the nearest penny?

$20,194.87

$20,129.60

$18,496.25

$14,667.42

Question

12th grade math (Mathematics for Data and Financial Literacy)
A medical school student opens a credit card to pay for living expenses during their first year of medical school. The student expects to pay $12,500 in living expenses. The credit card company charges an annual interest rate of 15.99% compounded continuously. If no payments are made for three years, what will be the balance on the card rounded to the nearest penny?

$20,194.87

$20,129.60

$18,496.25

$14,667.42

Phantomdex · Answer

Give me a moment I'm not the best at math but let me see if I can solve this.

TheJag18 · Answer

its 12th grade

Phantomdex · Answer

Hm, based on my math and a calculator I use to help me, I believe the answer should be A. $20,194.87. This should be because if we take the amount of money we start with and compound it continuously by the percentage.

First, convert R as a percent to r as a decimal

r = R/100
r = 15.99/100
r = 0.1599 rate per year,

Then solve the equation for A
A = Pert
A = 12,500.00(2.71828)(0.1599)(3)
A = $20,194.87

Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $12,500.00 at a rate of 15.99% per year compounded continuously over 3 years is $20,194.87.

jayfafr · Answer

20,186.76.

hannahj · Answer

$18,496.25 :)

Phantomdex · Answer

Yeah I'm not the best at math :']

TheJag18 · Answer

its a

hannahj · Answer

sorry I did that wrong it is A. mb :/

TheJag18 · Answer

i already said its a

Phantomdex · Answer

:0 So I was right!

hannahj · Answer

@thejag18 wrote:

i already said its a

ok chill jeez

TheJag18 · Answer

yeah you got it right and hannah, i did nothing to warrent you saying chill, i was just saying i said its a.

TheJag18 · Answer

An arithmetic sequence begins with 25, 31, 37, 43, 49 …

Which option below represents the formula for the sequence?

f(n) = 25 + 6(n)

f(n) = 25 + 6(n + 1)

f(n) = 25 + 6(n − 1)

f(n) = 19 + 6(n + 1)

Phantomdex · Answer

@thejag18 wrote:

An arithmetic sequence begins with 25, 31, 37, 43, 49 … Which option below represents the formula for the sequence? f(n) = 25 + 6(n) f(n) = 25 + 6(n + 1) f(n) = 25 + 6(n − 1) f(n) = 19 + 6(n + 1)

I believe that the answer should be f(n) = 25 + 6(n-1).

Phantomdex · Answer

Since it seems to match the sequence the most.

TheJag18 · Answer

it is

TheJag18 · Answer

An investor deposited $7,590 in a savings account 10 years ago that earns simple annual interest. Today, the account balance is $11,916.30. What is the simple interest rate?

0.63%

6.3%

0.57%

5.7%

Phantomdex · Answer

Sorry this one is taking me a moment, but please post new questions whenever you have one!

TheJag18 · Answer

oh ok, ill post on another one after this one

Phantomdex · Answer

Based on the amount you've gotten I believe the answer would be D. 5.7%.