camryn7745 camryn7745

15-05-2018
Mathematics

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If a person uses $700 in credit with an interest of 14%,what is that person going to owe after three billing cycles with simple interest

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altavistard altavistard

15-05-2018

Simple interest: i = p*r*t, where r is the annual interest rate and t is the number of years.
14%
This boils down to ----------- interest per month: a monthly rate of 0.0117.
12 mo

Thus, after 3 months, the amount owed, including the original $700, would be $700 + 3($700)(0.0117) = $724.57.

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