Question

You receive a credit card your freshmen year of college with an APR of 13.99% that is compounded monthly. write an equation for the amount owed A for a time period of t and a principle of P

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Answer 1

Part of the formula for compound interest is dividing the interest state by the number of compounds per year ( for monthly that is 12)

The amount also get raised to the amount of time multiplied by the compounds.

The formula would be A = p(1+ 0.1399/12)^(12t)