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# Math OER Turn In Problems  Business Decisions — Charge Options

The greatest reward for a student is not a good grade. It is the willingness of his teacher to listen to him.

- Nikolay Konstantinov

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Raynor starts a new credit card that charges 24% annual interest per year to keep his bookkeeping simple when buying a \$1,499 computer. (He will use the card for nothing else.) The credit card charges him one-twelfth of its annual interest rate each month. Raynor pays \$140 per month until the balance is paid off. Fill in the last parts of the table below.

1. The month nine ending amount, also the month ten starting amount...

\$382.86 \$390.67 \$398.48 \$476.62

2. The month ten amount on which interest was due...

\$242.86 \$250.67 \$258.48 \$336.62

3. The month ten amount of interest...

\$4.86 \$5.01 \$5.17 \$5.52

4. The month ten ending amount, also the month eleven starting amount...

\$253.31 \$263.65 \$393.31 \$403.65

5. The month eleven amount on which interest was due...

\$113.31 \$123.65 \$253.31 \$263.65

6. The month eleven amount of interest...

\$2.27 \$2.47 \$5.07 \$5.80

7. The month eleven ending amount, also the month twelve starting amount and payment amount...

\$111.30 \$116.24 \$121.18 \$126.12

8. Continuing the previous problem, find his total interest in dollars.

\$163.30 \$159.48 \$167.12 \$175.10

9. Continuing the previous problem, find what percentage of his first month's payment was interest.

2% 9% 10% 19%

10. Continuing the previous problem, find what percentage of his tenth month's payment was interest.

2% 4% 35% 54%