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Maria has a balance of $4,500 on her credit card with a 22% interest rate. How long will it take her balance to double?

Respuesta :

samuelonum1

The time required from simple interest on a principal of $4,500.00 at an interest rate of 22% per year is 4.55 years (about 4 years 7 months).

Simple Interest

Given Data

  • Principal =  $4,500
  • Interest = 22%
  • Final Amount = $4,500*2 = $9,000

Equation:

t = (1/r)(A/P - 1)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 22%/100 = 0.22 per year,

then, solving our equation

t = (1/0.22)((9000/4500) - 1) = 4.55

t = 4.55 years

Learn more about Simple Interest Here:

https://brainly.com/question/723406

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