Solve the Problem

question 188

Essay

Solve the problem.
-The table below shows the expenses and payments for 4 months on a credit card account
with an initial balance of $500. Assume that the interest rate is 1.7% per month (20.4% APR)and that interest for a given month is based on the balance for the previous month.
Complete the table. $$\begin{array} { l c c c c } \hline \text { Month } & \text { Payment } & \text { Expenses } & \text { Interest } & \text { Balance } \\\hline 0 & - & - & - & \$ 500 \\1 & \$ 200 & \$ 120 & 1.7 \% \times \$ 500 = \$ 8.50 & \$ 428.50 \\2 & \$ 100 & \$ 310 & & \\3 & \$ 300 & \$ 60 & & \\4 & \$ 250 & \$ 180 & & \\\hline\end{array}$$

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Definitions:

Television Sets

Electronic devices designed to receive broadcast signals and display them as visual images with accompanying sound.

Disinfectants

Disinfectants are chemical agents used to eliminate or reduce harmful microorganisms on surfaces, in water, or in the air, to prevent infection and disease spread.

Hydrogen

A chemical element with the symbol H and atomic number 1, notable for being the lightest and most abundant element in the universe.

Oxygen

A chemical element with the symbol O and atomic number 8, essential for respiration in most terrestrial life forms and used in various industrial applications.