Michelle's credit card has a 1% introductory apr for 12 months and after that a 19.9% apr for purchases. michelle makes purchases of $150 and plans to pay off her total balance before the grace period ends. her card has a late fee of $35 and an annual membership fee of $0. how much will michelle pay to have a $0 balance on her credit card?

Her total balance of credit card $151.50

Step-by-step explanation:

Michelle's credit card has a 1% introductory APR for 12 months. After that APR would be 19.9%.

Michelle makes purchases of $150.00 and she wants to pay off her balance before the grace period, so her total balance of the card is

( 1% of 150.00 ) + 150.00 = 01.50 + 150.00 = $151.50

She plans to pay off her total balance before the grace period ends,

Therefore she is eligible for only 1% APR

there would be No late fees, No annual membership, added to her balance.

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)

make sure you have version 2.50

try looking in the very back of the book : )

step-by-step explanation:

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