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03-05-08
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#1 |
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Junior Member
Join Date: May 2008
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Please explain how to work this problem?
calculate the interest on a $1700 credit card bill that shows a 22% APR, using the daily balance method. Assume you send a payment of &375 on the first day of a 30 day month and it takes 5 days for the payment to be received and recorded
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04-05-08
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#2 |
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Junior Member
Join Date: May 2008
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Please explain how to work this problem?
For the first 6 days, you owed $1700For the last 24 days, you owed $1325Average is $140022% APR divided by 12 months is 1.8333333%Interest = $1400 * 1.8333333%Interest = $25.67
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