A person owes $1000 on a credit card that charges an interest rate of 2% per month

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22-08-2022
Mathematics

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A person owes $1000 on a credit card that charges an interest rate of 2% per month

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KarpaT KarpaT · Answer 1 · 2022-08-29T13:19:58-04:00

Credit card balance each month:

First month: 1020 .00

Second month: 1040.4 0

Third month: 1061,208

Fourth month: 1082.43

Here we have to calculate the interest and add it to capital.

That is, 2% of 1000

First month:

Interest = 1000 (2/100)

Odds1 = 1020

Second month

Capital 1020

Interest = 1020 x 0.02 = 20.4

Odds2 = 1040.4

Third month

Capital = 1040.4

Interest = 1040.4 x 0.02 = 20.808

Odds3 = 1061,208

Fourth month

Capital = 1061,208

Interest = 1061.208 x 0.02 = 21.22

Odds = 1082.43

Therefore the credit card balance each month:

First month: 1020 .00

Second month: 1040.4 0

Third month: 1061,208

Fourth month: 1082.43

Learn more about credit card balance here: https://brainly.com/question/17604713

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The question is incomplete. Completed question is given below:

A person owes $1000 on a credit card that charges an interest rate of 2% per month. Complete this table showing the credit card balance each month if they do not make any payments. Month total bill in dollars11,00021,02031,040.40