Answer:
before midterm!
Step-by-step explanation:
I will try to research an answer in the meantime and i will add a comment to my answer when i find the answer to this
Answer:
Step-by-step explanation:
To find the interest accrued for the month, you will use the interest formula I = prt. P stands for the principal (the amount of money borrowed), r is the interest rate, and t is the time period. Because the interest rate is an annual (yearly) interest rate, you will use the fraction 1/12 in your calculation. The math would be $500 x 0.2899 x 1/12. This equals an interest charge of $12.08.
To calculate the amount that Vince should pay back, we can use the formula of
A = P + PRT
where A is amount (unknown), P is principal ($900), R is rate of interest (1.5%).
Which in this case, Vince did follow the correct formula, but what he did wrong, it that he incorrectly changed the rate to a decimal. Instead, 1.5% should be 0.015 in decimal form.
So, the correct formula should be
A = 900 + 900(0.015x2)
A = 900 + 27
A = 927
So, the correct amount Vince should pay is $927.
