The answer is 0.003021148
Answer:
If he lets the account go for 90 days, he will
pay an interest of $60
Step-by-step explanation:
Here, we want to calculate the interest Garvin will pay if he lets the account go for 90 days
Since 90 days is greater than 60 days, this means that he is going to pay a 12% annual interest rate
Thus, mathematically , the amount to pay will be;
12% of $500
= 12/100 * 500 = 6000/100 = $60
Answer: $200 on clothes
(If he uses the 200 on clothes he basically only earns $3,800 yearly)