Dnikaatienoe Dnikaatienoe

19-09-2016
Mathematics

contestada

jacob has not paid his $320 credit card bill and it was sent to collections. his interest rate is 43%, compounded daily

Respuesta :

Аноним Аноним

03-10-2016

Given:
$320 credit card bill
43% interest rate compounded

Solution:
The compound interest per day is .43/365
Interest accrued per year is [1 + (.43/365)]^365x
x = is the year
Balance after x years is 320 [1 + (.43/365)]^365x dollars

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