Question

For a certain credit card, the total amount, A ,that a customer owes is given by the following formula. In the formula, P is the starting balance and n is the number of months of debt, assuming interest is compounded monthly. Suppose you begin with a credit card debt of $1000. After one year, you will owe $ _______. (Round your answer to the nearest cent and enter only the number.) A=P(1.015)n

Answer 1

the formula would be 1000(1.015)12
P is the starting balance and N is the number of months in debt.
P=1000
N=12 months
1000(1.015)12=12,180
Hope this helps:)