Mathematics, 11.11.2020 17:10 darrenmcfadden220

With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance.

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Answer from: natasniebow

Here is the complete question.

With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. The APR is 24.99% and the minimum payment each month is 3% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below.

a) What is the total of minimum payments?

b) What is the total sum of the finance charges?

c) How much does the starting balance decrease after these three payments?

d)The total of your finance charges is what percent of our total payments?

Step-by-step explanation:

Month Beginning Finance New Minimum

Balance Charge Balance Payment

1 $ 1200 24.99 1224.99 36.75

2 1188.24 24.75 1212.99 36.39

3 1176.60 24.50 1201.10 36.03

4 1165.07 24.26 1189.33 35.68

The total minimum payments for 3 months = 36.75 + 36.39 + 36.03

The total minimum payments for 3 months = $ 109.17

Total finance charges for 3 months = 24.99 + 24.75 + 24.50

Total finance charges for 3 months = $ 74.24

c. The starting balance decrease from 1200 to 1165.07, this implies that there is a reduction of $ 34.93

d. The total of finance charges = 74.24×(100/109.17)

The total of finance charges = 68% of total payments.

Answer from: Quest

b. the average rate of change of f(x) is less than the average rate of change of g(x).

step-by-step explanation:

since the length of the interval is the same in each case, we only need to compare the change in y-value to see which is greater.

f(-2) = -3f(1) = 6 . . . estimated from f(x) = (x+2)^2-3, which matches points on the graph (-1,-2) and (0, 1)

so the change in y-value for function f is (6 )) = 9.

the table tells us

g(-2) = 1g(1) = 31

so the change in y-value for function g is (31 -1) = 30.

the change in y-value of f(x) on the interval is less than the change in y-value of g(x) on the same interval, so the average rate of change of f(x) is less than the average rate of change of g(x).

Answer from: Quest

step-by-step explanation:

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