Remaining balance on Marcia's credit card = $1700
Marcia believed she could clear her debt by making consistent monthly payments.
Given the four provided payment options, we need to determine which one will help her pay off her balance the quickest.
A.→ 55 × Number of months = 1700
Number of months =
months (approximately)
B. → 45 × Number of months = 1700
Number of months =
months (approximately)
C.→ 75 × Number of months = 1700
Number of months =
months (approximately)
D.→ 90 × Number of months = 1700
Number of months =
months (approximately)
Choosing to pay $90 monthly would allow Marcia to settle her balance in the shortest time.
Assuming that NO equals NP, we can set up the equation 17 = 5x - 6. To find x, we add 6 to both sides, resulting in 23 = 5x. I'm not sure if the answer should be in decimal form, but dividing 23 by 5 gives 4.6. Therefore, x equals 4.6. Substituting this back, we find NO = 17 and NP = 17, which I believe is the solution to the problem. Please let me know if this is correct.
Answer:
FV(n)=42,000(1.04)^n
Step-by-step explanation:
FV represents future value.
PV is present value.
r indicates the interest rate.
n is the number of periods.
t represents time (in years).
Here, PV=42,000
r=4%=0.04
n=1
t=n
Finding FV(n) gives us p(1+r/n)^nt.
=42,000(1+0.04/1)^1*n
=420000(1+0.04)^n
=42,000(1.04)^n