Reminder Round all answers to two decimal places unless otherwise indicated.
Paying Off a Credit Card You owe $8000 on a credit card. Because of the high balance, you stop charging and begin paying off the card. You can afford to make only the minimum monthly payment, which is 5% of the balance. The card carries an APR of 24%. Under these conditions, the remaining balance alter t monthly payments is given by
You feel comfortable resuming charging with the card when the balance is between $1000 and $2000.
a. | Plot the graph of B along with the target values of 1000 and 2000. Use a horizontal span of 0 to 100. |
b. | For what values oft is the function B in the desired range? |
c. | After how many monthly payments can you resume charging? (Your answer should be a whole number.) |
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Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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- Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning