Lucy deposits $7000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in th
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Answer:
The balance after the payment is $1263.84.
Step-by-step explanation:
The formula for amount after compound interest is
Where, P is principal, r is rate of interest, n is number of time interest compounded in a period, number of periods.
According to the given information,
P=1455.69
r=0.128
n=365
t=45
Put these values in the above formula,
The amount after compound interest is $1478.84. Add late fee chages $35 in this amount and subtract the payment of $250. So, the balance amount after payment is
Therefore the balance after the payment is $1263.84.