subject
Mathematics, 28.09.2020 01:01 oscar4hunnid

Oliver is buying a new dishwasher. The dishwasher’s price is $285.10 after tax. He has a few payment options. He can put it on his debit card, which would take the money from his savings account. His savings account earns interest at a rate of 1.8% annually. He could also put it on one of two different credit cards. Card A has an annual interest rate of 9%, charged monthly, and charges a flat 1.2% fee on the initial value of the purchase (note: the fee accrues interest too). Card B has an annual interest rate of 12%, charged monthly, but no fee for purchases. Oliver thinks it will take five months for him to earn the additional money to offset the purchase. In all cases, the interest accrues according to this equation: A = P(1 + r)n, where A is the final dollar amount, P is the principal (initial amount borrowed), r is the interest rate for each interest period, and n is the number of interest periods. Part A If Oliver withdraws $285.10 from his savings account to make the purchase, how much would he have earned in interest on that amount over five months? Round your answer to the nearest cent. Part B How much would it cost him in interest over 5 months if he used card A to make the purchase? Part C How much would it cost Oliver in interest over 5 months if he used card B to make the purchase? Part D Which form of payment will cost Oliver the most over five months and which one will cost him the least? Part E From your answer in part d, which form of payment should Oliver use? Part F Is there a case where he could use one of his credit cards instead of the debit card and still be better off? If so, which card is best? Explain.

ansver
Answers: 3

Another question on Mathematics

question
Mathematics, 21.06.2019 19:00
Samantha is growing a garden in her back yard. she spend $90 setting up the garden bed and buying the proper garden supplies. in addition, each seed she plants cost $0.25. a. write the function f(x) that represents samantha's total cost on her garden. b. explain what x represents. c. explain what f(x) represents. d. if samantha plants 55 seeds, how much did she spend in total?
Answers: 2
question
Mathematics, 21.06.2019 20:30
Raymond just got done jumping at super bounce trampoline center. the total cost of his session was $43.25 . he had to pay a $7 entrance fee and $1.25 for every minute he was on the trampoline. write an equation to determine the number of minutes (t) that raymond was on the trampoline.
Answers: 1
question
Mathematics, 21.06.2019 21:20
Find the distance from the theater to the library. leave your answer in simplest radical form if necessary. 12 √12 74 √74
Answers: 2
question
Mathematics, 22.06.2019 02:50
Triangle dog was rotated to create triangle d'o'g'. describe the transformation using details and degrees.
Answers: 3
You know the right answer?
Oliver is buying a new dishwasher. The dishwasher’s price is $285.10 after tax. He has a few payment...
Questions
Questions on the website: 13722367