Question

Imagine you buy an iPod Touch for $300 and pay with a credit card. When this happens, the credit card company pays Apple, and the you become indebted to the credit card company. For every year you don’t pay back the debt, the company charges you interest: a percentage of what you owe. The interest rate is called an annual percentage rate (APR), while the amount owed is called the balance.

If the APR was 18% and you made no payments to the credit card company:
1- Determine your credit card balance after 1 year.





2- Determine your credit card balance after 2 years.









3- Determine your credit card balance after 3 years.






4- Determine your credit card balance after 6 years.





(And if I don't get the answer I nee I will Report You)

Answer 1

(1)The answer is $54 because we take out the interest money and add it to $300.

$300 * 18/100 = 54

$300 + $54

= $354

(2) $408

(3) $162

(6) $ 624

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