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Advanced Algebra help PLEASE?

+2 votes
2. Faith opens a credit card with an APR of 16.50% compounded monthly. How much is charged in interest this month if her balance is $1,050? (1 point)$173.25
$87.50
$16.50
$14.44

3. Harold opened a credit card at a department store with an APR of 14.55% compounded monthly. What is the APY on this credit card? (1 point)15.56%
29.10%
1.21%
18.93%

4. Glen is comparing three investment accounts offering different rates.

Account A: APR of 5.80% compounding monthly
Account B: APR of 5.90% compounding quarterly
Account C: APR of 5.85% compounding daily

Which account will give Glen at least a 6% annual yield? (1 point)Account A
Account B
Account C
Account B and Account C

5. Jakob has a previous balance of $861 on a credit card with a 20.8% APR compounded monthly. If he made a payment of $73 this month, what is the new balance on his credit card? (1 point)$1,040.09
$967.09
$802.92
$788.00

6. Larson uses his credit card to purchase a new video game system for $519.82. He can pay off up to $225 per month. The card has an annual rate of 15.4% compounded monthly. How much total interest will he pay? (1 point)$81.39
$4.72
$11.57
$13.94

7. Newton uses a credit card with a 18.6% APR, compounded monthly, to pay for a cruise totaling $1,920.96. He can pay $720 per month on the card. What will the total cost of this purchase be? (1 point)$2,458.98

$2,278.26

$1,978.02

$1,920.96
asked Jan 11, 2013 in ALGEBRA 1 by abstain12 Apprentice

2 Answers

+1 vote

2. Faith opens a credit card with an APR of 16.50% compounded monthly. How much is charged in interest this month if her balance is $1,050? (1 point)

A. $173.25
B. $87.50
C. $16.50
D. $14.44

Given that

Principal =  $1050

Interest =  16.50% = 0 . 1650

Compounding period = 12

[ Formula : Interest = Principal x Interest / Compounding period ]

substitute Principal , Interest and Compounding period  in the above formula

Interest = $1050 x .1650 / 12

Simplify

 = $14.4375

= $14.44

There fore Interest = $14.44

Option D is right choice

answered Jan 11, 2013 by richardson Scholar
0 votes

(5)

The principal is $861 .

Interest rate 20.8% .

Interest is compounded monthly .

Formula for compound interest is image 

P = principal amount (the initial amount you borrow or deposit) = $861

r  = annual rate of interest (as a decimal) = 0.208

t  = number of years the amount is deposited = one month = 1/12

A = amount of money accumulated after n years, including interest.

n  =  number of times the interest is compounded per year = 12 times .

image

He made a payment of $73 this month , so $73 has to subtract from net amount .

Balance amount = 875.924 - 73 = 802.924

So the Balance amount is 802.924 .

Option (c) is correct .

answered Nov 18, 2014 by yamin_math Mentor

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