You just obtained a credit card. You immediately purchase a stereo system for $200. Your credit limit is $1000. Let’s assume that you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%.What is the growth rate of your credit card balance?

Question

Revolt · Accepted Answer

0.0142

Equations of Exponential Functions

You just obtained a credit card. You immediately purchase a stereo system for $200. Your credit limit is $1000. Let’s assume that you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%.What is the growth rate of your credit card balance?

Explanation

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