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A credit card has a nominal annual interest rate of 18%, and interest is compounded monthly. The cardholder uses the card to make a $30 purchase.

Which expression represents the balance on the card after 5 years, in dollars, assuming no further charges or payments are made?

A credit card has a nominal annual interest rate of 18%, and interest is compounded-example-1
User Autokilled
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1 Answer

23 votes
23 votes

Answer:

30
(1 + (.18)/(12))^(5*12)

Explanation:

User Milan Kamilya
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