Solve the Problem 110240
Complete and Extend the Table to Show Your Balance

question 168

Essay

Solve the problem.
-Assume you have a balance of $1400 on a credit card with an APR of 19.2%, or 1.6% per
month. You start making monthly payments of $600, but at the same time you charge an
additional $280 per month to the credit card. Assume that interest for a given month is
based on the balance for the previous month. The following table shows how you can
calculate your monthly balance. $$\begin{array} { l c c c c } \hline \text { Month } & \text { Payment } & \text { Expenses } & \text { Interest } & \text { New Balance } \\\hline 0 & - & - & - & \$ 1400 \\1 & \$ 600 & \$ 280 & 1.6 \% \times \$ 1400 = \$ 22.40 & \$ 1400 - \$ 600 + \$ 280 + \$ 22.40 = \\2 & \$ 600 & \$ 280 & & \\3 & \$ 600 & \$ 280 & & \\\hline\end{array}$$ 1102.40
Complete and extend the table to show your balance at the end of each month until the
debt is paid off.

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Definitions:

Microdrip Infusion Set

A medical apparatus designed for the administration of fluids and medications into patients, delivering small, precisely controlled drops per milliliter (usually 60 drops/ml).

Estimated Flow Rate

An approximation of the speed at which fluids are administered intravenously, often calculated to ensure proper medication dosing.

Tubing Factor Information

Details relevant to the calibration or characteristics of tubing used, especially in medical devices for fluid delivery.

Microdrip

A type of drip set for an intravenous infusion that delivers a small amount of fluid, typically 60 drops per ml, used for precise fluid delivery.