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Lubov Fominskaja [6]
3 years ago
15

If a musician uses his credit card to pay for a new violin that costs $2,900 and does not pay on it until the second month, what

will the 3.35% monthly interest charge be at the end of the first month? Show your work
Mathematics
1 answer:
OLEGan [10]3 years ago
7 0

Answer:

$97.15.

Step-by-step explanation:

We have been given that a musician uses his credit card to pay for a new violin that costs $2,900 and does not pay on it until the second month. The interest rate of credit card is 3.35% monthly.

We will use interest formula to solve our given problem.

I=PrT, where,

I=\text{Interest},

P=\text{Principal amount},

r=\text{Interest rate in decimal form},

T=\text{Time}  

Let us convert our given interest rate in decimal form.

3.35\%=\frac{3.35}{100}=0.0335

Upon substituting our given values in interest formula we will get,

I=2,900*0.0335*1

I=2,900*0.0335

I=97.15

Therefore, the monthly interest charge at the end of the 1st month will be $97.15.

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