Caitlin has a balance of $4,880 on her credit card that has an APR of 16%. She currently pays the minimum monthly payment of $105.86. If Caitlin wants to pay off her balance in 20 months, determine the monthly payment she would
need to make. Choose the following modification with the least cuts to her current expenses that will allow Caitlin to
pay off her balance in 20 months.
Income
Wages
$2,896.00
Expenses
Rent
$1200.00
Utilities
$212.64
Food/Clothes $335.00
Entertainment $346.00
Car
$490.00
Credit Card
$105.86
Cell Phone
$116.37
Net Income
$90.13
a. Caitlin can eliminate $100 from Food/Clothes and $85 from Entertainment.
b. Caitlin can eliminate $62 from Food/Clothes and $49 from Entertainment.
C. Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment.
d. The minimum payment is enough to pay off the balance within 20 months.
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High school seniors with strong academic records apply to the nation’s most selective colleges in greater numbers each year. because the number of slots remains relatively stable, some colleges reject more early applicants. suppose that for a recent admissions class, an ivy league college received 2851 applications for early admission. of this group, it admitted 1033 students early, rejected 854 outright, and deferred 964 to the regular admission pool for further consideration. in the past, this school has admitted 18% of the deferred early admission applicants during the regular admission process. counting the students admitted early and the students admitted during the regular admission process, the total class size was 2375. let e, r, and d represent the events that a student who applies for early admission is admitted early, rejected outright, or deferred to the regular admissions pool.suppose a student applies for early admission. what is the probability that the student will be admitted for early admission or be deferred and later admitted during the regular admission process?