You have just graduated from college and purchased a car for $5000. your credit limit is $10,000. assume that you make no payments and purchase nothing more and that there are no other fees. the monthly interest rate is 8%. what is the growth rate of your credit card balance per month (as a decimal)? a. 0.2 c. 0.08 b. 0.8 d. 0.02

The answer is : option C. 0.08

Step-by-step explanation:

You have just graduated from college and purchased a car for $5000. Your credit limit is $10,000.

The monthly interest rate is 8%.

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

So, the card will have 8% rate each month, until the bank changes that. So the growth rate in decimal is

= 5

step-by-step explanation:

to find the 15th term substitute n = 15 into the nth term formula

= (- 3 × 15 ) + 50 = - 45 + 50 = 5