Friday
May 6, 2016

# Homework Help: MATH

Posted by Sarah on Tuesday, November 6, 2012 at 4:28pm.

Calculate the interest on a \$1700 credit card bill that shows a 22% APR, using the average daily balance method. Assume you sent a payment of \$375 on the first day of a month that has 30 days and it takes 5 days for this payment to be received and recorded. Round to the nearest penny.
Calculate the interest on a \$1700 credit card bill that shows a 22% APR, using the average daily balance method. Assume you sent a payment of \$375 on the first day of a month that has 30 days and it takes 5 days for this payment to be received and recorded. Round to the nearest penny.

a.\$27.04

b.\$25.09

c.\$28.56

d.\$28.60

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I get the answe 30.73 but it is not the right answer. I did this.

1700 x 0.22 x 30/365= 30.73
• MATH - Cole Da Fox, Tuesday, November 6, 2012 at 4:38pm

remeber you find intetrist in a year
basis so if you change 30 to 1/12 than you will get your awnser

• MATH - Sarah, Tuesday, November 6, 2012 at 4:48pm

you mean 1700x0.02x1/12=31.16?

that is not the right answer though :(