pleaase someone help me ! How much would you have to repay on a credit card debt of 3500$ after 2-years if the interest rat

Question

pleaase someone help me !

How much would you have to repay on a credit card debt of 3500$ after 2-years if the interest rate is 19.5% compounded half-yearly .​

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Vodka 4 years 2021-07-16T03:26:09+00:00 2 Answers 188 views 0

Answers ( )

  1. Dulcie
    0
    2021-07-16T03:27:52+00:00
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    Answer:

    P = A (1 + i)^n      where P is the payment, A the original amount and i the  interest rate for the payment period.

    Assuming .195 is the annual interest rate then

    i = .195 / 2 = .0975  the rate that will be compounded every 6 mos.

    P = 3500 * (1 + .0975)^4 = $5078

  2. trucchi
    0
    2021-07-16T03:28:00+00:00
    Reply

    Answer:

    $ 4,865

    Step-by-step explanation:

    First find the simple intere

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