anonymous
  • anonymous
Help me please ! Barbara opened a store credit card to purchase a game console for $396. She put the entire purchase on the credit card. Her APR is 24.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining balance on her card after 3 months? $362.35 $339.52 $384.45 $351.78
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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amistre64
  • amistre64
\[B_n=B_o(1+apr/12)-P\]
experimentX
  • experimentX
hello \( NaOH + HCl - H_20 \)
amistre64
  • amistre64
since the payment is 5% of the Balance \[P=B_o(1+apr/12)*.05\] \[B_n=B_o(1+apr/12)-B_o(1+apr/12)*.05\] \[B_n=B_o(1+apr/12)(1-.05)\]

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More answers

amistre64
  • amistre64
\[B_1=396(1+\frac{.2499}{12})(.85)\] \[B_2=B_1(1+\frac{.2499}{12})(.85)\] \[B_3=B_2(1+\frac{.2499}{12})(.85)\]
amistre64
  • amistre64
ugh ... .95 not .85 :)
anonymous
  • anonymous
how you get (.85) ?
amistre64
  • amistre64
thats easy ... 1 - .05 = .85 when you dont know how to subtract .... i worked out the recurrsion above in terms of balance and .05 minimum payment
amistre64
  • amistre64
the new balance part of a bill is: old balance, times (1+apr/12) we subtract a minimum payment of .05 from it old balance, times (1+apr/12); minus old balance, times (1+apr/12), times .05 \[B_n=B_{n-1}(1+r)-B_{n-1}(1+r)(.05)\] \[B_n=B_{n-1}(1+r)[1-.05]\]
anonymous
  • anonymous
idk how you get .85
anonymous
  • anonymous
its 0.95
amistre64
  • amistre64
i know its .95 .... seeing how i am a human being, i tend to miscalculate some simple process. how did i get 1-.05 = .85? its either a typo since 9 and 8 are very close on the keyboard .... or a simply did the subtraction wrong in my head.
amistre64
  • amistre64
the important thing is: a correction is made and we can move on towards a suitable solution
anonymous
  • anonymous
k
amistre64
  • amistre64
\[B_0 = 396\] \[B_1 = 396(.95)(1+\frac{.2499}{12})\] \[B_2 = (396(.95)(1+\frac{.2499}{12}))(.95)(1+\frac{.2499}{12})\\~~~~=396(.95)^2(1+\frac{.2499}{12})^2\] ... \[B_n = 396(.95)^n(1+\frac{.2499}{12})^n\]looks suitable
amistre64
  • amistre64
the question i have is: do we take the balance of the 3rd or the 4th?
amistre64
  • amistre64
start: 396 make a payment, remaining balance is 385 make a payment, remaining balance is 373 make a payment, remaining balance is 362 make a payment, remaining balance is 351
amistre64
  • amistre64
also, is the minimum payment 5% of the original purchase? or is it 5% of the remaining balance?
amistre64
  • amistre64
its usually a % of the remaining balance ...

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