Question

Mr. Fraser bought new shingles for his house for $3,500 using a credit card. His card has an interest rate of 17%. If he does not pay off his balance at the end of the month and he has no other charges, how much money will he owe on his credit card at the end of the first month?

Answer 1

Mr. Fraser will owe $4,095 at the end of the month.

3500 + 3500(0.17) = x

3500 + 595 = x

x = 4095