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You owe $2000 on a credit card. The card charges 1.5%

Functions Modeling Change: A Preparation for Calculus | 5th Edition | ISBN: 9781118583197 | Authors: Eric Connally ISBN: 9781118583197 179

Solution for problem 4.1.58 Chapter 4

Functions Modeling Change: A Preparation for Calculus | 5th Edition

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Functions Modeling Change: A Preparation for Calculus | 5th Edition | ISBN: 9781118583197 | Authors: Eric Connally

Functions Modeling Change: A Preparation for Calculus | 5th Edition

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Problem 4.1.58

You owe $2000 on a credit card. The card charges 1.5% monthly interest on your balance, and requires a minimum monthly payment of 2.5% of your balance. All transactions (payments and interest charges) are recorded at the end of the month. You make only the minimum required payment every month and incur no additional debt. (a) Complete Table 4.4 for a twelve-month period. (b) What is your unpaid balance after one year has passed? At that time, how much of your debt have you paid off? How much money in interest charges have you paid your creditors? Table 4.4 Month Balance Interest Minimum payment 0 $2000.00 $30.00 $50.00 1 $1980.00 $29.70 $49.50 2 $1960.20

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1/25/2017 Homework #1 • It must be completed on-line in McGraw Hill Connect. • Accessible after 5:00 p.m., January 26. • Closes at noon, February 7. • No deadline extension is allowed. • No discussion on the homework questions is allowed. • Chapters 1 through 3 covered. • Ten multiple-choice questions,10 points each. • You are allowed to re-do and re-submit it until the closing date. • Every time you submit it, you can find out what your total score is. • On-line signing up for Connect will close on January 31. GEOL 1303-003, Spring 2017 1 Igneous Rocks, Intrusive Activity, and the Origin of Igneous Rocks Physical Geology 15/e,

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Chapter 4, Problem 4.1.58 is Solved
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Textbook: Functions Modeling Change: A Preparation for Calculus
Edition: 5
Author: Eric Connally
ISBN: 9781118583197

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You owe $2000 on a credit card. The card charges 1.5%