Auburn uses her credit card to buy some clothes for $827.78. She can pay off up to $315 per month. The card has an annual rate of 23.3% compounded monthly. How much total interest will she pay?

$30.69

$13.99

$37.04

$16.07

Question

Auburn uses her credit card to buy some clothes for $827.78. She can pay off up to $315 per month. The card has an annual rate of 23.3% compounded monthly. How much total interest will she pay?
 
$30.69 

$13.99 

$37.04 

$16.07

anonymous · Answer

you would figure out how many months it would take her to pay it off and then multiply the annual rate by however many months.

anonymous · Answer

how do I do that? please help

anonymous · Answer

well, 315 times two is not enough so by default you know it would be 3 months...

anonymous · Answer

you would then multiply the annual interest by three since it is per month

anonymous · Answer

so is it 37.04 then?

anonymous · Answer

i believe so.

anonymous · Answer

are you sure?

anonymous · Answer

well for the first month it would be just 827.78 times the annual interest.  have @johnweldon1993  take a look at it

johnweldon1993 · Answer

what i just did had NOTHING even close...so im not sure ...ill research it though...sorry...maybe someone else can help?

anonymous · Answer

ok well can you help me this one 
Elijah purchased a home for $123,700. The home appreciates about 5.5% each year. What is the value of the home after 13 years?
 
$59,290.24 

$131,276.59 

$212,145.50 

$248,114.23

johnweldon1993 · Answer

so this will be

Vfinal = Vintial(1+r)^t
Vfinal = 123700(1+.055)^13
          = 123700(1.055)^13
Vfinal = 248,114.23

anonymous · Answer

thanks so much! would you be willing to help me with a couple more or no?

johnweldon1993 · Answer

i'm actually about to be getting off for the night...but i'm sure the rest of the intelligent people on here would be more than happy to help you :)

anonymous · Answer

ok thanks anyways:)