Consumer credit experts are concerned that Americans’ credit card debt continues to increase. USA Today reported that in 1995, U.S. bank credit card loans totaled $358 billion, while in 2004, they totaled $697 billion.
a. Find a linear function model C(t) = … that gives the U.S. bank credit card loans as a function of t, number of years after 1995. (Round the average rate of change to three decimal places.)
b. According to your function model, in what month and year will U.S. bank credit card loans reach $1000 billion (1 trillion dollars)?
c. Use your model to predict the U.S. bank credit card loans in 2006.
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