Jacob has not paid his $320 credit card bill and it was sent to collections. his interest rate is 43%, compounded daily

Question

Mathematics

Dilly Dally

27 October, 15:21

Jacob has not paid his $320 credit card bill and it was sent to collections. his interest rate is 43%, compounded daily

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Answers (1)

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Cortez Golden · Answer 1

Given:

$320 credit card bill

43% interest rate compounded

Solution:

The compound interest per day is. 43/365

Interest accrued per year is [1 + (.43/365) ]^365x

x = is the year

Balance after x years is 320 [1 + (.43/365) ]^365x dollars