a. Complete the table below. Month Balance Interest Minimum Payment $50.00 S30.0

Question

a. Complete the table below. Month Balance Interest Minimum Payment $50.00 S30.00 $29.70 0 $2000.00 $1980.00 $1960.20 $49.50 10 b. What is your unpaid balance after one year has passed? c. After one year, how much of your debt have you paid off? d. How much money in interest charges have you paid your creditors? e. How long will it take to pay off the credit card? Comparing Exponential and Linear Growth 1. You are a star basketball player and receive the following two offers. Which one should you choose? (There are 82 regular season games in the NBA.) 9 A one billion dollar signing bonus and 1 million dollars per game. 8 A one penny signing bonus with salary to double each game. In other words, the salary for the first game is 2 pennies, the salary for the second game is 4 pennies, and so on.

Explanation / Answer

a)

b) After passing one year, my unpaid balance is = $[1772.769744-(44.3192436-26.59154616)] = $1755.042047

c) After one year, i have paid off $[2000.00-1755.042047] = $244.9579534 of my debt.

d) I have paid $367.4369311 in interest charges to my creditors.

e) After a long period approximate 1260 months ,i.e., 105 years, the unpaid balance will be very closed to 0.

Month Balance Interest Maximum Payment 0 $2000.00 $30.00 $50.00 1 $1980.00 $29.70 $49.50 2 $1960.20 $29.403 $49.005 3 $1940.598 $29.10897 $48.51495 4 $1921.19202 $28.8178803 $48.0298005 5 $1901.9801 $28.5297015 $47.5495025 6 $1882.960299 $28.24440449 $47.04400748 7 $1864.130696 $27.96196044 $46.6032674 8 $1845.489389 $27.68234084 $46.13723473 9 $1827.034495 $27.40551743 $45.67586238 10 $1808.76415 $27.13146225 $45.21910375 11 $1790.676509 $26.86014764 $44.76691273 12 $1772.769744 $26.59154616 $44.3192436

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