Rodney Owes $1,541.05 On His Credit Card. His Card Has An Apr Of 16.29%, Compounded Monthly. Assuming That He Makes No Payments And No Purchases, How Much Will He Owe After One Year? A. $1,561.97 B. $1,811.70 C. $1,792.09 D. $1,541.05

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Rodney Owes $1,541.05 On His Credit Card. His Card Has An Apr Of 16.29%, Compounded Monthly. Assuming That He Makes No Payments And No Purchases, How Much Will He Owe After One Year? A. $1,561.97 B. $1,811.70 C. $1,792.09 D. $1,541.05. His card has an apr of 16.29%, compounded monthly. Therefore, after one year, rodney will owe about $1,811.70 on his credit card, assuming no payments are made.

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A = p ( 1 +. To calculate how much rodney will owe on his credit card after one year with an apr of 16.29% compounded monthly, we can use the compound interest formula: Balance after one year = initial balance * (1 + (apr/100))^n, where n is the number of compounding periods in a year.

The Correct Choice From The Provided Options Is:


A=p1+ r/n nt rodney owes $ 1,541.05 on his credit card. His card has an apr of 16.29%, compounded monthly. Therefore, after one year, rodney will owe about $1,811.70 on his credit card, assuming no payments are made.

His Card Has An Apr Of 16.29%, Compounded Monthly.


Balance after one year = initial balance * (1 + (apr/100))^n, where n is the number of compounding periods in a year. A=p1+ r/n nt rodney owes $ 1,541.05 on his credit card. To calculate how much rodney will owe on his credit card after one year with an apr of 16.29% compounded monthly, we can use the compound interest formula:

Use The Following Compound Interest Formula To Complete The Problem.


English aislinn granzin using credit practice active 1 use the following compound interest formula to complete the problem. This problem requires using the compound interest formula to calculate the future value of rodney's credit card debt. His card has an apr of 16.29%, compounded monthly.

Assuming That He Makes No Payments And No Purchases, How Much Will He Owe After One Year?


In this solution, we will determine the. A = p ( 1 +. Use the following compound interest formula to complete the problem.

A=P(1+(R)/(N))^(N) Rodney Owes $1.541.05 On His Credit.


A credit card balance after one year can be calculated using the formula:

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