SOLUTION: Using information from an internet source, determine the current interest rate a credit card or loan. Suppose you borrow $1000 (or spend $1000) on a credit card. How much will you

Question 1086912: Using information from an internet source, determine the current interest rate a credit card or loan. Suppose you borrow $1000 (or spend $1000) on a credit card. How much will you owe in one month? 6 months if you pay nothing for 6 months?

Compute the 6 month cost in two ways:
Make 6 monthly computations. Enter these as formulas in a spreadsheet. (The goal here is really getting you to use spreadsheets and formulas for computations.)
Use the formula, A= 1000(1 + r)N where N = the number of periods (6) and r = the periodic interest rate = APR/12, where APR is the annual percentage rate.

Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Is there some reason you can't do that?
RELATED QUESTIONS
Using information from an internet source, determine the current interest rate a credit... (answered by Boreal)

Five years ago, you bought a house for $151,000, with a down payment of $30,000, which... (answered by richard1234)

E-Loan, an online lending service, recently offered 48-month auto loans at 5.7%... (answered by Theo)

Chelsea took out three loans for a total of $120,000 to start an organic orchard. Her... (answered by MathTherapy)

Chelsea took out three loans for a total of $79,000 to start an organic orchard. Her... (answered by richwmiller)

Chelea took out three loans for a total of $76,000 to start an organic orchard. Her... (answered by stanbon)

You have seen a credit card advertisement stating that the annual percentage rate is 12... (answered by jim_thompson5910)

As an entrepreneur, there may be times when you must borrow money to fund the start of... (answered by jpg7n16)

Five years ago, you bought a house for $151,000, with a down payment of $30,000, which... (answered by eric perry,zoeguy)