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Suppose you owe $19,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimun monthly payment, which is 5% of the balance. Then your balance after t months is given by B= 19,000(1.02 x 0.95) dollars. How many payments will you have to make to get the balance below $400? (Enter the smallest such number of payments as an integer.) payments

Suppose you owe $19,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimun monthly payment, which is 5% of the balance. Then your balance after t months is given by B= 19,000(1.02 x 0.95) dollars. How many payments will you have to make to get the balance below $400? (Enter the smallest such number of payments as an integer.) payments

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter7: Systems Of Equations And Inequalities
Section7.2: Systems Of Linear Equations: Three Variables
Problem 64SE: You inherit one hundred thousand dollars. You invest it all in three accounts for one year. The...
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Suppose you owe $19,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 19,000(1.02 x 0.95) dollars. How many payments will you have to make to get the balance below $400? (Enter the smallest such number of payments as an integer.) payments Need Help? Read It
Transcribed Image Text:Suppose you owe $19,000 on a credit card that carries an APR of 24%. Because the balance is so high, you choose to stop charging and pay off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. Then your balance after t months is given by B = 19,000(1.02 x 0.95) dollars. How many payments will you have to make to get the balance below $400? (Enter the smallest such number of payments as an integer.) payments Need Help? Read It
Marginal cost is the additional cost imposed by the production of one additional item. Marginal benefit is the additional benefit of producing one additional item. For a certain company, the marginal cost C, in dollars, if you are currently producing n items, is given by C(n) = 9+ n, and the marginal benefit B, in dollars, is given by B(n) = 35 x 0.7". Economic efficiency occurs at the production level where marginal cost and marginal benefit are the same. What production level n gives economic efficiency for this company? (Round the function values to one decimal place. Assume only whole items can be produced.) n= items Need Help? Read It
Transcribed Image Text:Marginal cost is the additional cost imposed by the production of one additional item. Marginal benefit is the additional benefit of producing one additional item. For a certain company, the marginal cost C, in dollars, if you are currently producing n items, is given by C(n) = 9+ n, and the marginal benefit B, in dollars, is given by B(n) = 35 x 0.7". Economic efficiency occurs at the production level where marginal cost and marginal benefit are the same. What production level n gives economic efficiency for this company? (Round the function values to one decimal place. Assume only whole items can be produced.) n= items Need Help? Read It
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