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cassie is financing a 2400 treadmill. she is goign to use her credit card for the purchase, her card charges 17.5 interest compounded monthly. she is not required to make minimum monthly payments

Respuesta :

14221.32 is required to make minimum monthly payments when 17.5 interest rate .

What Is an Interest Rate?

  • A percentage of the principal, or the amount loaned, is what a lender charges a borrower as interest.
  • The annual percentage rate, or APR, is the usual unit used to express the interest rate on a loan (APR).

From this question, her card charges 17.5% compounded monthly it.

she wants a full year before paying the full balance.

she should pay  =  2400 *  ( 1 +  17.5%)¹²

                         = 2400  * ( 117.5%)¹²

                          = 16221.32

so the interest is = 16221.32 * 2400

                            = 14221.32

Learn more about Interest Rate

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