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The interest rate of a credit card company is 0.5% per month. Richard makes a purchase...
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The interest rate applicable for the credit card is 0.5% per month. Richard makes a purchase of $1000 and makes the payment on his card after 14 months. Assume there are no additional charges for non-payment of dues and Richard can pay the entire amount with interest after 14 months.
The amount due after 14 months is equal to:
`1000*(1 + 0.5/100)^14 `
The amount due after 14 months is $1072.32
Posted by justaguide on September 23, 2013 at 2:22 PM (Answer #1)
Posted by steveschoen on September 23, 2013 at 2:33 PM (Answer #2)
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