Register

A man owes $5000 on his credit card. The APR is 20%. If he doesn’t repay any of the debt, how much will he owe after 4 years.

A man owes $5000 on his credit card. The APR is 20%. If he doesn’t repay any of the debt, how much will he owe after 4 years.
63.2k views
11 votes
A man owes $5000 on his credit card. The APR is 20%. If he doesn’t repay any of the debt, how much will he owe after 4 years.

User Shekh Akther
by
8.7k points

1 Answer

11 votes
D=p(1+r/100)n
Where d is the debt, p is the principle, r is the rate percent, and n is the number of years.
Substitute the given value in the formula
D=5000 (1+20/100)4
D=$10,368
User James Sapam
by
8.3k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!