• Support PF! Buy your school textbooks, materials and every day products via PF Here!

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

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
Homework Helper
41,664
852
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:

Physics Forums Values

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