## 00kirsten 4 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%.

1. amistre64

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

2. 00kirsten

because no one is answering it! :(

3. amistre64

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

4. amistre64

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

5. amistre64

should we use simple interest or compound interest

6. 00kirsten

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

7. 00kirsten

sorrry. 737.72 x 0.275 x 55/365

8. 00kirsten

which is \$30.57

9. 00kirsten

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

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