Edgar accumulated $4,000 in credit card debt. If the interest rate is 30% per year, and he does not make any payments for 2 years, how much will he owe (in dollars) on this debt in 2 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Edgar accumulated $4,000 in credit card debt. If the interest rate is 30% per year, and he does not make any payments for 2 years, how much will he owe (in dollars) on this debt in 2 years by each method of compounding? (Simplify your answers completely. Round your answers to the nearest cent.)

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