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Mathematics 24 Online
OpenStudy (anonymous):

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%.

OpenStudy (amistre64):

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

OpenStudy (anonymous):

because no one is answering it! :(

OpenStudy (amistre64):

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

OpenStudy (amistre64):

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

OpenStudy (amistre64):

should we use simple interest or compound interest

OpenStudy (anonymous):

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

OpenStudy (anonymous):

sorrry. 737.72 x 0.275 x 55/365

OpenStudy (anonymous):

which is $30.57

OpenStudy (anonymous):

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

OpenStudy (anonymous):

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

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