Can someone help and workout the problem with me?
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?
Stacey Warren - Expert brainly.com
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(709.15 - 350)(0.257/12) = x = first month's interest
(709.15 - 350(2) + x)(0.257/12) = y = second month's interest
Add those 2 (x and y) and you'll get your answer.
After paying off 350, she will have a balance of 709.15 - 350 on which to pay interest. That gets added to the next month's balance after subtracting another 350. You pay interest on that for the second month.