Hi guys I have this 5 part question I need this ASAP please help the stuff written is the first three questions the picture above is the last to questions please I need this fast Task 2: Interest in Finance
Interest is a concept familiar to most people: every credit card in existence has a term called
annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a
credit card that has a minimum payment each month equal to the interest owed. Can you
figure out how much the interest rate is based on this amount?
The formula for simple interest is / -rxPxm, where / is the amount you will pay in interest,
is the rate at which interest will accrue, Pis the principal (amount borrowed), and m is the
number of times the interest is applied.
a, To solve for the interest rate of your credit card, you need to understand which variables
in the above formula you have. If your minimum monthly payment is $22 on the $1,000
credit card bill, which variables do you know the values of?
Type your response here:
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b. Manipulate the formula so it will calculate the interest rate you are paying instead of the
amount of money you are paying.
Type your response here:
C. Now that you have a formula that will give you the interest rate, plug in the values for the
problem and solve for that interest rate. Interest rates are usually represented for a time
period: over what time period does this rate apply? What would the interest rate be if it
were a yearly rate?

The formula for simple interest is , IrPmwhere Iis the amount you will pay in interest, ris the rate at which interest will accrue, Pis the principal (amount borrowed), and mis the number of times the interest is applied.a.To solve for the interest rate of your credit card, you need to understand which variables inthe above formula you have. If your minimum monthly payment is $22 on the $1,000 credit card bill, which variables do you know the values of?Type your response here:You know the amount of times you pay, m, which is monthly, also you know the full amount, principle $1000, plus you also know the monthly payment, which can help you find the interest rate, etc. b.Manipulate the formula so it will calculate the interest rate you are paying instead of the amount of money you are paying.Type your response here:l/PM=rc.Now that you have a formula that will give you the interest rate, plug in the values for the problem and solve for that interest rate. Interest rates are usually represented for a time period: over what time period does this rate apply? What would the interest rate be if it were a yearly rate?Type your response here:You would need the rates, which you can plug into l/1000*12=r d.Now consider a different situation. Payday loans are a type of loan where you can get money for a future paycheck, typically two weeks in advance. A typical payday loan

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The formula for simple interest is , IrPmwhere Iis the amount you will pay in interest, ris the rate at which interest will accrue, Pis the principal (amount borrowed), and mis the number of times the interest is applied.a.To solve for the interest rate of your credit card, you need to understand which variables inthe above formula you have. If your minimum monthly payment is $22 on the $1,000 credit card bill, which variables do you know the values of?Type your response here:You know the amount of times you pay, m, which is monthly, also you know the full amount, principle $1000, plus you also know the monthly payment, which can help you find the interest rate, etc. b.Manipulate the formula so it will calculate the interest rate you are paying instead of the amount of money you are paying.Type your response here:l/PM=rc.Now that you have a formula that will give you the interest rate, plug in the values for the problem and solve for that interest rate. Interest rates are usually represented for a time period: over what time period does this rate apply? What would the interest rate be if it were a yearly rate?Type your response here:You would need the rates, which you can plug into l/1000*12=r d.Now consider a different situation. Payday loans are a type of loan where you can get money for a future paycheck, typically two weeks in advance. A typical payday loan

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