Jacki plans to pay for the down payment of a new car with her credit card. The annual interest rate for her credit card is 17%. The following expression represents the balance of the credit card, in dollars, after t years.2,250(1.17)^tWrite an exponential expression in the form (b)c that reveals the monthly interest rate of Jacki's credit card. Round any decimals to the nearest thousandth.
Accepted Solution
A:
Given that the annual interest rate of Jacki's credit card is 17%, it means 17% = 17/100 = 0.17 The exponential expression that reveals the monthly interest rate of Jacki's credit card is: 2,250(1 + 0.17/12)¹²t 2,250(1+0.014)¹²t =2,250(1.014)¹²t