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

Question

Matilda

Mathematics

11 October, 08:01

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

+1

Answers (1)

Know the Answer?

Paloma Irwin · 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