If you received your credit card statement but did not make any payments for 55 days, calculate the daily interest charge for $737.72. The credit card company charges an annual interest of 27.5%.

Question

If you received your credit card statement but did not make any payments for 55 days, calculate the daily interest charge for $737.72.  The credit card company charges an annual interest of 27.5%.

amistre64 · Answer

you keep posting the same question over and over again..... why?

anonymous · Answer

because no one is answering it! :(

amistre64 · Answer

lol .... I suppose thats a technique but....  there is no "formal" help here, we just get to the ones we can :)

amistre64 · Answer

now.. I dont quite understand the question....  is it asking what the interest is for 55 days?

amistre64 · Answer

should we use simple interest or compound interest

anonymous · Answer

im not sure. i think its supposed to look something like this 737.72 x 0.275 x 55/265

anonymous · Answer

sorrry. 737.72 x 0.275 x 55/365

anonymous · Answer

which is $30.57

anonymous · Answer

BUT if u do it this way ....charged interest - 55 days
the daily interest rate is 27.5 divided by 365 which is 0.0753
55 x 0.0753 = $33.55

anonymous · Answer

so is it $33.55 or $30.57 .. im confused.... and is that even right??  that seems liek alot for a daily interest charge