subject
Mathematics, 08.01.2021 01:00 kristieroth1

Oliver is buying a new dishwasher. The dishwasher’s price is $285.10 after tax. He has a few payment options. He can put it on his debit card, which would take the money from his savings account. His savings account earns interest at a rate of 1.8% annually. He could also put it on one of two different credit cards. Card A has an annual interest rate of 9%, charged monthly, and charges a flat 1.2% fee on the initial value of the purchase (note: the fee accrues interest too). Card B has an annual interest rate of 12%, charged monthly, but no fee for purchases. Oliver thinks it will take five months for him to earn the additional money to offset the purchase. In all cases, the interest accrues according to this equation: A = P(1 + r)n, where A is the final dollar amount, P is the principal (initial amount borrowed), r is the interest rate for each interest period, and n is the number of interest periods. Part A If Oliver withdraws $285.10 from his savings account to make the purchase, how much would he have earned in interest on that amount over five months? Round your answer to the nearest cent. Part B How much would it cost him in interest over 5 months if he used card A to make the purchase? Part C How much would it cost Oliver in interest over 5 months if he used card B to make the purchase? Part D Which form of payment will cost Oliver the most over five months and which one will cost him the least? Part E From your answer in part d, which form of payment should Oliver use? Part F Is there a case where he could use one of his credit cards instead of the debit card and still be better off? If so, which card is best? Explain.

ansver
Answers: 1

Another question on Mathematics

question
Mathematics, 21.06.2019 14:40
In the diagram below, tan θ = sqrt 3. what is the value of m?
Answers: 3
question
Mathematics, 21.06.2019 21:30
Which of the following disjunctions is true? 4 + 4 = 16 or 6 - 5 = 11 4 · 3 = 7 or 3 - 2 = 5 8 - 5 = 13 or 7 · 2 = 12 7 - 4 = 11 or 6 + 3 = 9
Answers: 1
question
Mathematics, 21.06.2019 23:40
The frequency table shows the results of a survey asking people how many hours they spend online per week. on a piece of paper, draw a histogram to represent the data. then determine which answer choice matches the histogram you drew. in order here is the.. hours online: 0-3, 4-7, 8-11, 12-15, and 16-19. frequency: 5, 8, 10, 8, 7 answer for the question is in the picture! : )
Answers: 2
question
Mathematics, 21.06.2019 23:50
Use a transformation to solve the equation. w/4 = 8 can you also leave a detailed explanation on how this equation = 32
Answers: 1
You know the right answer?
Oliver is buying a new dishwasher. The dishwasher’s price is $285.10 after tax. He has a few payment...
Questions
question
Mathematics, 25.03.2021 20:40
question
Mathematics, 25.03.2021 20:40
question
Mathematics, 25.03.2021 20:40
question
English, 25.03.2021 20:40
question
Mathematics, 25.03.2021 20:40
question
World Languages, 25.03.2021 20:40
Questions on the website: 13722361