Question

Type the correct answer in the box.

Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.

2,250(1.17)^t

Write an exponential expression in the form (b)c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.

Answer 1

2,250(1.014)^12t

Explanation:

the interest rate of Jacki's credit card is 17% which = 17/100 = 0.17

The exponential expression that reveals the monthly interest rate is:

2,250(1 + 0.17/12)¹²t

2,250(1+0.014)¹²t

2,250(1.014)^12t