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Homework Need Help

  1. Feb 4, 2006 #1
    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.
  2. jcsd
  3. Feb 5, 2006 #2


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    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: Feb 5, 2006
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