March 29, 2017

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Mr. Chang and his wife together had an unpaid balance of $500 on their credit cards for one month. THe bank that issued Mr. Chang's credit card charges an intrest rate of 1.25% a month and his wife's interest is 1.5 per month. If the total interest finance charge was $6.75 how much was each unpaid balance? Write an equaiton for the finance chare and the balance.

  • math - ,

    If Mr. C owes X, Mrs. C owes 500 - X.

    The monthly interest paid is

    0.0125X + 0.015*(500 - X) = 6.75

    1.25X + 1.5(500 -X) = 675

    75 = 0.25 X

    Complete the solution for X. Then compute 500 - X

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