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00kirsten

  • 5 years ago

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%.

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  1. amistre64
    • 5 years ago
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    you keep posting the same question over and over again..... why?

  2. 00kirsten
    • 5 years ago
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    because no one is answering it! :(

  3. amistre64
    • 5 years ago
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    lol .... I suppose thats a technique but.... there is no "formal" help here, we just get to the ones we can :)

  4. amistre64
    • 5 years ago
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    now.. I dont quite understand the question.... is it asking what the interest is for 55 days?

  5. amistre64
    • 5 years ago
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    should we use simple interest or compound interest

  6. 00kirsten
    • 5 years ago
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    im not sure. i think its supposed to look something like this 737.72 x 0.275 x 55/265

  7. 00kirsten
    • 5 years ago
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    sorrry. 737.72 x 0.275 x 55/365

  8. 00kirsten
    • 5 years ago
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    which is $30.57

  9. 00kirsten
    • 5 years ago
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    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

  10. 00kirsten
    • 5 years ago
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    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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