Homework Need Help

Carmel owes $2902.40 on her bankcard.

(a) If the interest rate is 15.5%, how much interest will she pay per year?
(b) Interest is calculated dail at 0.04246% and charged monthly. How much will Carmel pay for a 30day month?
(c)If she pays $500 off her bankcard bill on 15th July, how much interest will she pay for this month?

I've figured out a, b.
 

HallsofIvy

Science Advisor
41,626
821
Stealthdoze said:
Carmel owes $2902.40 on her bankcard.

(a) If the interest rate is 15.5%, how much interest will she pay per year?
(b) Interest is calculated dail at 0.04246% and charged monthly. How much will Carmel pay for a 30day month?
(c)If she pays $500 off her bankcard bill on 15th July, how much interest will she pay for this month?

I've figured out a, b.
She owes 0.04246% on the entire $2902.40 for 15 days. How much interest is that for each day (0.00044246*2902.4). How much is that for 15 days?

She owes 0.04246% on the remaining $2902.40- 500= $2402.40 for the remaining 16 days.

I'm moving this to the "homework help" thread.
 
Last edited by a moderator:

The Physics Forums Way

We Value Quality
• Topics based on mainstream science
• Proper English grammar and spelling
We Value Civility
• Positive and compassionate attitudes
• Patience while debating
We Value Productivity
• Disciplined to remain on-topic
• Recognition of own weaknesses
• Solo and co-op problem solving
Top