Question

1)Pong paid $20.40 in interest on her credit card last month. The monthly interest rate for her credit card is 1.7% of the balance she owes. What was Pong’s balance last month? 3 marks

Answer 1

We name her balance B so we have

B x1.7%=20.40
B x 1.7/100=20.40
B x 1.7=20.40 x 100
B x 1.7=2040
B=2040/1.7
B=1200

Maybe we could substract the amount that she paid for the interest so her balance may be 1200-20.40=1179.60 instead of 1200