Question

Help please !
Katherine uses her credit card to purchase a new television for $709.15. She can pay off up to $350 per month. The card has an annual rate of 25.7% compounded monthly. How much will she pay in interest?

$23.90

$28.88

$8.05

$33.05

Answer 1

25.7% is the annual interest and she can pay it off in less than a year so you need to find the monthly interest

Answer 2

so 25.7/ 12 will give you the monthly interest

Answer 3

see where i coming from ?

Answer 4

O.o soo 0.0214166667

Answer 5

yup thaz your monthly interest

Answer 6

and you can kno how many months she will take by dividing the 709.15
by 350

Answer 7

and there you go .,

Answer 8

I got 2.0261428571

Answer 9

yea ., well ., you kno that ,. its more than 2 times ., that she has to pay

Answer 10

so ., she has to pay interest for one more month .,

Answer 11

so its gonna be .,

Answer 12

I don't really know . Im new to this course

Answer 13

0.02 which is your monthly interest /100 * 709.15

Answer 14

times 3

Answer 15

becuz you paying for 3 months .,

Answer 16

I got 0.4254

Answer 17

25.7 divided by 12 is 2.14
whichi is your monthly interest

Answer 18

so ., that 2.14 %/100% = 0.0214

Answer 19

times 700.19 = 14.984

Answer 20

times 3 gives me 44.952

Answer 21

sry make i made mistake with the 700 valuue ., but all you have to do is change it to 709.15

Answer 22

I dont get it .

Answer 23

price of tv = 709.15
what she pays every month = 350
rate per year = 25.7%
rate per month = 25.7 / 12 months = 2.14
how many months does she have to pay ?
709.15/ 350 = 2.02
that means she has to pay interest for 3 months becuz it has gone over 2 she has to pay for the .02 of the 2.02 so its three months interest
so we have now 3 times 2.14/100 % times 709.15 ., see ., i broke it down

Answer 24

45.52743 ?

Answer 25

yes

Answer 26

:)

Answer 27

i dont understand how that answer and it's not in my answer choices o.O

Answer 28

o crap ., um if you do the interest on the 350 ., you get the 8 . sum as your asnwer. ,sry

Answer 29

c can be your answer.,

Answer 30

but the way i looked at it ., they like didnt specify ., if you were paying interest on the 350 or the 709.15 .,

Answer 31

please,., forgive me ., i was making horrible mistake .,

Answer 32

ok ., um ., the 709.15 /350 = 2.026

Answer 33

you use that ., and then ., say 2.026 /100 times 709.15 times 3 ., that should wrk

Answer 34

interest is = prt/100

Answer 35

um ., ok ., finally got it ., the problem was compound interest

Answer 36

http://www.basic-mathematics.com/simple-vs-compound-interest.html