Assume that you have a balance of $5000 on your visa credit card and that you make no more charges. if your apr is 22% and each month you make only the minimum payment of 3% of your balance, then find a formula for the balance after t monthly payments.

a) 5000(0.952217)t

b) 5000(1.07)t

c) 5000(0.987783)t

d) 5000(1.048883)t

can someone explain to me how to solve this

C) 5000(0.987783)^t

Step-by-step explanation:

The monthly interest rate is the APR divided by 12, so is 22%/12 ≈ 0.018333.

Each month, the previous balance (B) has interest charges added to it, so the new balance is ...

balance with interest charges = B + (22%)/12×B = 1.018333×B

The minimum payment is 3% of this amount, so the new balance for the next month is ...

balance after payment = (1.018333B)(1 - 0.03) = 0.987783B

Since the balance is multiplied by 0.987783 each month, after t payments, the balance starting with 5000 will be ...

5000×0.987783^t . . . . . . . . . matches choice C

the answer is b.

step-by-step explanation:

delaney would like to make a 5lb nut mixture that is 60% peanuts and 40% almonds.

she has several pounds of peanuts and several pounds of a mixture that is 20% peanuts and 80% almonds.

let 'p' represent the number of pounds of peanuts needed to make the new mixture, and  

let 'm' represent the number of pounds of the 80% almond-20% peanut mixture.

:

p + m = 5

therefore

m = (5-p)

write an equation based on the percent of peanuts

1p + .2m = .6(5)

replace m with (5-p)

p + .2(5-p) = .6(5)

p + 1 - .2p = 3

p - .2p = 3 - 1

.8p = 2

p = 2/.8

p = 2.5 lbs of peanuts required

then

5 - 2.5 = 2.5 lbs of the peanut/almond mixture required

:

a) what is the system that models this situation?

p + m = 5

1p + .2m = .6(5)