posted by Mary .
1. Calculate the interest charge on a $5,000 balance with your current 16.5% annual interest rate.
2. Calculate the interest charge on a $5,000 balance with the Visa Student Card’s annual interest rate of 10.8%.
Did you mean the monthly interest charge?
I will assume that
Charge = 5000(.165)/12 = ...
do the same for #2
A manufacturer produces ceiling fans at a cost of $38.25 per fan. During the summer months, it sells the fan in one of its retail outlets at a selling price of $55.00. However, during the fall and winter seasons, the manufacturer discounts its fans by 20% off the $55.00 selling price.
1. If you were to order 15 fans in the summer and 18 fans in the winter, what would be the total price paid?
2. Based on your findings above, how much would you save if you knew ahead of time that you needed a total of 33 fans for the year by buying them all in the winter?