kayluh123
  • kayluh123
For a certain credit card, the total amount, A ,that a customer owes is given by the following formula. In the formula, P is the starting balance and n is the number of months of debt, assuming interest is compounded monthly. Suppose you begin with a credit card debt of $1000. After one year, you will owe $ _______. (Round your answer to the nearest cent and enter only the number.)
Mathematics
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chestercat
  • chestercat
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kayluh123
  • kayluh123
A=P(1.015)^n
anonymous
  • anonymous
P= 1000 and n = 12
kayluh123
  • kayluh123
so would I do 1000 multiplyed by 1.015 multiplyed by 12?

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anonymous
  • anonymous
a^n means a to the nth power: a a a a...a n times.

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