You have just graduated from college and purchased a car for $6000. Your credit limit is $24,000. Assume that you make no payments and purchase nothing more and that there are no other fees. The monthly interest rate is 14%. Use the table feature on your graphing calculator to determine how much you will owe after 3 months..
a.
$9075.54
c.
$35,557.06
b.
$36,302.15
d.
$8889.26

In the problem, a person is purchasing a car and pays for the car after three months with a monthly interest of 14%. In this case, the formula to be followed is F = P* (1+i)^n where P is 6000, i is 0.14 and n is 3. F then is equivalent to D. $8889.26. The credit limit is irrelevant in this problem.

Answer Link

jainveenamrata jainveenamrata · Answer 2 · 2022-06-07T08:38:15+02:00

The amount of money you will owe after 3 months will be $ 8,889.26.

What is APR?

APR on a credit card is the way of saying that the interest you are charged over a year is equal to roughly your balance.

You have just graduated from college and purchased a car for $6000.

Your credit limit is $24,000.

Assume that you make no payments and purchase nothing more and that there are no other fees.

The monthly interest rate is 14%.

Then the amount of money you will owe after 3 months will be

A = $ 6,000 x (1.14)³

A = $ 8,889.26

Then the correct option is D.

More about the APR link is given below.

https://brainly.com/question/8846837

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