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NaCl
Group Title
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
 one year ago
 one year ago
NaCl Group Title
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
 one year ago
 one year ago

This Question is Closed

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
\[B_n=B_o(1+apr/12)P\]
 one year ago

experimentX Group TitleBest ResponseYou've already chosen the best response.0
hello \( NaOH + HCl  H_20 \)
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
since the payment is 5% of the Balance \[P=B_o(1+apr/12)*.05\] \[B_n=B_o(1+apr/12)B_o(1+apr/12)*.05\] \[B_n=B_o(1+apr/12)(1.05)\]
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
\[B_1=396(1+\frac{.2499}{12})(.85)\] \[B_2=B_1(1+\frac{.2499}{12})(.85)\] \[B_3=B_2(1+\frac{.2499}{12})(.85)\]
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
ugh ... .95 not .85 :)
 one year ago

NaCl Group TitleBest ResponseYou've already chosen the best response.0
how you get (.85) ?
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
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
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
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 \[B_n=B_{n1}(1+r)B_{n1}(1+r)(.05)\] \[B_n=B_{n1}(1+r)[1.05]\]
 one year ago

NaCl Group TitleBest ResponseYou've already chosen the best response.0
idk how you get .85
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
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.
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
the important thing is: a correction is made and we can move on towards a suitable solution
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
\[B_0 = 396\] \[B_1 = 396(.95)(1+\frac{.2499}{12})\] \[B_2 = (396(.95)(1+\frac{.2499}{12}))(.95)(1+\frac{.2499}{12})\\~~~~=396(.95)^2(1+\frac{.2499}{12})^2\] ... \[B_n = 396(.95)^n(1+\frac{.2499}{12})^n\]looks suitable
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
the question i have is: do we take the balance of the 3rd or the 4th?
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
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
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
also, is the minimum payment 5% of the original purchase? or is it 5% of the remaining balance?
 one year ago

amistre64 Group TitleBest ResponseYou've already chosen the best response.1
its usually a % of the remaining balance ...
 one year ago
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