Many credit card companies charge a compound interest rate of 1.8% per month. Nelson owes $950 on a credit card.

Question

02-11-2023
Mathematics

High School

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Many credit card companies charge a compound interest rate of 1.8% per month. Nelson owes $950 on a credit card.

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RoseDavidson RoseDavidson · Answer 1 · 2023-10-02T14:31:38-04:00

Following is the geometric progression of Nelson's debt after each month: (E) 950,967.1, 984.51, 1002.23, 1020.27

What is a geometric sequence?

A geometric progression sometimes referred to as a geometric sequence in mathematics, is a series of non-zero numbers where each term following the first is obtained by multiplying the preceding one by a constant, non-zero value known as the common ratio.

So, in this issue, the interest rate is as follows: 1.8%.

The debt will therefore be equal to the debt from the previous month multiplied by 100 + 1.8 = 101.8% = 1.018 each month, and the common ratio is as follows: 1.018.

In light of this, the terms of the series are as follows:

2nd term: 950 x 1.018 = $967.1

3rd term: 967.1 x 1.018 = $984.51

4th term: 984.51 x 1.018 = $1002.23

5th term: 1002.23 x 1.018 = $1020.27

Therefore, the following is the geometric progression of Nelson's debt after each month: (E) 950,967.1, 984.51, 1002.23, 1020.27

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Complete question:
Many credit card companies chard a compound interest rate of 1.8% per month Nelson owes 950 on a credit card. If he makes no purchases or payments he will go deeper and deeper into debt.