# If the interest rate is 15.5%, how much interest will she pay per year?

#### Stealthdoze

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.

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#### HallsofIvy

Homework Helper
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.

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