96.4k views
0 votes
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

1 Answer

3 votes

Answer:

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

Explanation:

User Noamtm
by
5.4k points