Question

You have a credit card with a balance of 3500 and interest rate of 15.75%. If you make no payment what is the balance at the end of the next month

Answer 1

Hello Grossjoann, if you have 3,500$ with a interest rate of 15.75% at the end of the month you will get 44.10$ below will explain,

Answer:
I = $ 44.10

Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 15.75%/100 = 0.1575 per year,
putting time into years for simplicity,
1 months ÷ 12 months/year = 0.08 years,
then, solving our equation

I = 3500 × 0.1575 × 0.08 = 44.1
I = $ 44.10

The simple interest accumulated
on a principal of $ 3,500.00
at a rate of 15.75% per year
for 0.08 years (1 months) is $ 44.10.