You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. 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 factor of your credit card balance?

Question

Revolt · Accepted Answer

1.0142

Equations of Exponential Functions

You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. 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 factor of your credit card balance?

Explanation

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