Mathematics High School

PLEASE HELP


Meryl buys new baseball equipment for $2000. The purchase made is with a credit card that has a 19% APR. Meryl makes a $150 payment monthly. How many months will it take Meryl to pay off the balance?

Answers

Answer 1

Answer:

It will take Meryl 15.09 months to pay off the balance.

Step-by-step explanation:

This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or the cost of the new baseball equipment = $2000

P = Monthly payment = $150

r = Monthly interest rate = annual percentage rate (APR) / 12 = 19% / 12 = 0.19 / 12 = 0.0158333333333333

n = number of months it will take Meryl to pay off the balance = ?

Substitute the values into equation (1) and solve for n, we have:

2000 = 150 * ((1 - (1 / (1 + 0.0158333333333333))^n) / 0.0158333333333333)

2000 / 150 = (1 - (1 / 1.0158333333333333)^n) / 0.0158333333333333

13.3333333333333 = (1 - 0.984413453650536^n) / 0.0158333333333333

13.3333333333333 * 0.0158333333333333 = 1 - 0.984413453650536^n

0.21111111111111 = 1 - 0.984413453650536^n

0.984413453650536^n = 1 - 0.21111111111111

0.984413453650536^n = 0.78888888888889

loglinearize both sides, we have:

nlog0.984413453650536 = log0.78888888888889

n = log0.78888888888889 / log0.984413453650536

n = -0.102984160720249 / -0.00682245957075587

n = 15.0948729929724

Rounding to 2 decimal places, we have:

n = 15.09

Therefore, it will take Meryl 15.09 months to pay off the balance.

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Answer:

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Step-by-step explanation:

Answer:

x = 66

Step-by-step explanation:

We know that the sum of all the angles inside a triangle is 180 degrees

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

1/4 a = 4/15

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Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer:

Step-by-step explanation:

hat is the median of 11?

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

3/4

Step-by-step explanation:

so if it takes the master baker 6 minutes and they work on the cake for one minute that is 1/6 if it takes the student 12 minutes that is 1/12. so you do

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Answer:

3/4

Step-by-step explanation:

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Answers

Answer:

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Answers

Answer:

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Step-by-step explanation:

Answer:

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Answers

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Answers

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Step-by-step explanation:

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

2.

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Answers

Step-by-step explanation:

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Answers

Answer:

b. -4 an C  then A

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

c =38

Step-by-step explanation:

<71 has an arc of 2 * 71 =142

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c =38

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Answers

Answer:

91

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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I hope this helps! Have a GREAT day!

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Maybe u should use photomath
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Answers

Answer:

71° F

Step-by-step explanation:

Consider the rational part of f(t)

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= [tex]\frac{40}{1+\frac{100}{t^3} }[/tex]

As t → infinity then [tex]\frac{100}{t^3}[/tex] → 0 , the expression simplifies to

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Answers

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Answers

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Answers

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Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

22 bags

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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