Question

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. monthtotal bill in dollars11,00021,02031,040.40

Answer 1

1020 .00

1040.4 0

1061,208

1082.43

Step-by-step explanation:

In this exercise we must calculate interest and add it to capital

2% of 1000

first month

interest = 1000 2/100

odds1 = 1020

second month

capital 1020

interest = 1020 0.02 = 20.4

odds2 = 1040.4

third month

capital = 1040.4

interest = 1040.4 0.02 = 20.808

odds3 = 1061,208

fourth month

capital = 1061,208

interest = 1061.208 0.02 = 21.22

odds = 1082.43