Question

Use the following compound interest formula to complete the problem. a = p (1 startfraction r over n endfraction) superscript n superscript t 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 please select the best answer from the choices provided a b c d

Answer 1

The amount that he owes after one year is 1792.09 dollars. Then the correct option is C.

What is the percentage?

The amount of something is expressed as if it is a part of the total which is a hundred. The ratio can be expressed as a fraction of 100. The word percent means per 100. It is represented by the symbol ‘%’.

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.

He owes after one year will be

Amount = 1541.05 × 1.1629

Amount = 1792.087 ≅ 1792.09

More about the percentage link is given below.

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