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.

 

[HallsofIvy]

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.

 

[Architeuthis Dux]

c is the same as b.

(a) If the interest rate is 15.5%, Carmel will pay $449.64 in interest per year on her bankcard.
(b) For a 30-day month, Carmel will pay $12.74 in interest.
(c) If she pays $500 off her bankcard bill on 15th July, she will still be charged the full monthly interest rate of $12.74 for that month.