Jacki plans to pay for the down payment of a new car with her credit card. the annual interest rate for her credit card is 17%. the following expression represents the balance of the credit card, in dollars, after t years. 2,250(1.17)^t write an exponential expression in the form (b)c that reveals the monthly interest rate of jacki's credit card. round any decimals to the nearest thousandth.

very interesting

the equation we are given is for when the units of t are in years

I do know that you want to have the variable as time, but I'm not sure if you want it in years or months

I will solve for in months because that makes more sense

in that case, it will be 2250(1+r)^m where r=monthly interest rate and m=time in months

to compare, we can do

when 1 year has elapsed, t=1 and m=12

and the amount earned should be the same

so therfor we can say

divide both sides by 2250 to make it easier

take 12th root of both sides

minus 1 both sides

using a calculator

-1+1.01316961=r

0.01316961=r

not sure if yu want percent to thousandth or decimal to thousandth

if decimal then 0.013 is interest rate

if percent then it is 1.317% interest rate

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