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miv72 [106K]
3 years ago
14

Robert's credit card has a balance of $645.42, but the amount that he needs to pay to bring the card to a $0 balance is $1235.18

because he missed a payment. What is Robert's interest rate?
Business
1 answer:
TEA [102]3 years ago
7 0

Answer:

Robert's interest rate is 91.46%.

Explanation:

Given that Robert has $ 645.42 on his credit card balance, but the payment he needs to make to bring his balance to $ 0 is $ 1235.18, the interest rate for non-payment that he has in his account is as follows:

645.42 = 100

1235.18 = X

((1235.18 x 100) / 645.42) = X

191.46 = X

Therefore, since 191.46 - 100 is equal to 91.46, the interest rate that this account has is 91.46%.

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RyanRyan Street Barber Shop pays $ 30$30 per month for water for the first 12 comma 00012,000 gallons and $ 2.50$2.50 per thousa
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  • 8,000: $30
  • 13,000: $32.50
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<u>8,000</u>

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<u>13,000</u>

This is 1000 gallons more than you get for $30, so costs an additional $2.50. The total water cost is ...

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<u>17,000</u>

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  $30 +12.50 = $42.50

_____

<em>Comment on the water charges</em>

$30 is the same as the cost of 12,000 gallons at $2.50 per thousand. So, the total bill can be figured at $2.50 per thousand, with a $30 minimum.

  8 × $2.50 = $20, so the charge is the minimum, $30

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