You have a credit card with a balance of 3500 and interest rate of 15.75%. If you make no payment what is the balance at the end of the next month

Answers (1)
  1. Imogene
    Hello Grossjoann, if you have 3,500$ with a interest rate of 15.75% at the end of the month you will get 44.10$ below will explain,

    Answer:

    I = $ 44.10

    Equation:

    I = Prt

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 15.75%/100 = 0.1575 per year,

    putting time into years for simplicity,

    1 months : 12 months/year = 0.08 years,

    then, solving our equation

    I = 3500 * 0.1575 * 0.08 = 44.1

    I = $ 44.10

    The simple interest accumulated

    on a principal of $ 3,500.00

    at a rate of 15.75% per year

    for 0.08 years (1 months) is $ 44.10.
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