Question

Joseph has a credit card with his bank but he must pay off completely each month for each day that His payment is late the bank charges a flat percentage of his bill. for example if Joseph's bill was $100 in the bank will charge r percent of 100 each day. If Joseph’s bill last month was $483.13 and he paid $773.01 , 20 days after the bill was due what is the flat percentage penalty each day?

Answer 1

Answer:

3%

Step-by-step explanation:

First find the difference between the total payment and what the payment would have been prior to to the 20 days late fee. Divide that number by the amount of days overdue (20) to find the cost of each day overdue. Divide that number of what each day overdue is by the cost of the bill prior to overdue fees. Move the decimal two places to the right.