A man owes $5000 on his credit card. The APR is 20%. If he doesn’t repay any of the debt, how much will he owe after 4 years.

Question

03-03-2021
Mathematics

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A man owes $5000 on his credit card. The APR is 20%. If he doesn’t repay any of the debt, how much will he owe after 4 years.

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abassconteh1999 abassconteh1999 · Answer 1 · 2021-03-03T14:47:31+01:00

abassconteh1999 abassconteh1999

03-03-2021

D=p(1+r/100)n
Where d is the debt, p is the principle, r is the rate percent, and n is the number of years.
Substitute the given value in the formula
D=5000 (1+20/100)4
D=$10,368

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