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

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> 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       Log On


   

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) About Me  (Show Source):
You can put this solution on YOUR website!
Is there some reason you can't do that?