Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Discover comprehensive solutions to your questions from a wide network of experts on our user-friendly platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
The balance after thirty months would be $881.57.
Balance after the minimum payments is calculated as follows:
Initial balance * ((1+r)(1-m))^t
Where r = APR/12 and m = monthly minimum per cent
The Given information is:
Initial balance = 3000
R = .13/12 = 0.01083 and
m = 0.05
Putting these values in the formula, we get
3000*((1+0.01083)(1-0.05))^t = 3000*(1.01083*0.95^t
= 3000*(0.960)^t
So we have the equation = 3000*(0.960)^t.
To find the balance after 30 months, put the value of t in the equation above,
We know, t = 30 then,
3000*(0.960)^30 = 3000*0.2938 = 881.57
So we will have an amount of at least $881.57 after six years.
To know more about Balance, Click here
https://brainly.com/question/27154367
#SPJ4
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.
