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Stolb23 [73]
2 years ago
5

today Ned got a new credit card, and he made a purchase of $1100. the card offers an introductory APR of 0% for the first 3 mont

hs and a standard APR of 34.3% thereafter. if the card compounds interest monthly, how much money will the introductory APR save Ned in interest over the first 3 months? (Assume that ned will make no payments or additional purchases during the first 3 months, and ignore any possible late payment fees)... a) $442.65 b)$1197.05 c)$97.05 d)$1542.65
Mathematics
2 answers:
White raven [17]2 years ago
8 0
A= P(1+r/n)^nt

P<span> =</span> principal amount (the initial amount you borrow or deposit)

r  = annual rate of interest (as a decimal)

t<span>  = </span>number of years the amount is deposited or borrowed for.

A<span> =</span><span> amount of money accumulated after n years, including interest.</span>

n  =  number of times the interest is compounded per year

A= 1100(1+0.343/12)^12/4

A = 1197.04

Amount saved = 1197.04 - 1100 = $ 97.04

Evgen [1.6K]2 years ago
8 0

Answer:

Apex answer is 97.05.

Step-by-step explanation:


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Given:

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yaroslaw [1]

The options of the problem are

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<u>The Rational Root Theorem </u>states that when a root 'x' is written as a fraction in lowest terms

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