Math 1050 Crit Card Debt Assignment Name Youhave received your monthly credit ced statement and must aow deal with the financial reaities of last month’s ‘birthday celebration, While your milestone in years was deserving ofa celebration, dealing withthe $2000 In cre card charges wil require some planning. Your creditcard statement ists the APR (Annval Percentage Rat) for your balance tobe 145%. This is the yearly interest rate the creit card company uses in clelating interest due on your balance. The creditcard company compounds interest monthly, Your monthly interest rate on creditcard charges willbe: 0.185 5 912083 2” 2 ‘The minimum payment required by your creditcard company s$25/month. Assuming that you dp.not make any new 25: Hirosneuy? 25(I-(I¢0.012083)) ‘ 200.01 089) a 200060 01309 3 [- (140.013 083) 4 = ~(Hao.oaonsy < 22eeKenetdee8) | (\ep.012083)"2 ots tase a| —___ in 49) (n(140.012063) a iw(-2eeteeiee D:) ~W\w(140.012063) elu(- = ) 000(0 012083) 42" oo = +| = D.C 'W(140.012063)) =>—43 \?= 2 ON > 50~ rwrlo.o12093) iesangey of 50(I-(140.012083)) « 2400(0.012.099) wees nei sane -(ao.ovaoesy « aeeeceuito \ (joo .0tacss) "= a REED +| \n(tro.sraoesy” «4 (~2eeedoztaoesd .) -M\w(140.013063) elu =e ) (29806. gu) | Ney & SMaasBY \ pe Bi z: MH? TeGay® > rss peateewowd 15 (1-(140.01a083)) < 2c0(e 011.099) [-(140.012083)" = aeente-stn083) ~(1o.ciaony® - 22eeKsuei aoe) | “n (\40,012085) = ~2200(0.012083) ss . yn 2ce0(0.61.20%3) (n(tro.c1aoesy” ON +) -M\w(140.012063) ela(- a 2008 ,012063) me) st) = 32.NG Sts “'n(140.012063)B5.|How ek would yeor monthly tograals have te be Gry Ha leon ohh in 12 wont s? ? 2000(0.01083) 3 TQroclasy ae 0(1-(\+0.01a03)) = 2000(0-013093) PU-G so.0)083)") = 24.166 t (Ic Lotaowy") = 24. 166 P[1-0.865™NNG) «4.166 Plo. W349.) < 34.166 2 ak = |40.044/5) Pz 190.04