Sally has a balance of $2845 on her credit card. What rate of simple interest is she being charged if she must pay $26.19 interest for the 12 days her payment is late?
26.19/2845 = .0092056
times 365/12 = .28
times 100 = 28 %
Well, Sally seems to have slipped up and incurred some late payment charges on her credit card. But hey, let's try not to clown around with numbers and get to the calculation!
To find the rate of simple interest, we can use the formula:
Interest = Principal × Rate × Time
In this case, since we have the interest, the principal balance, and the time, we can rearrange the formula to solve for the rate:
Rate = Interest / (Principal × Time)
Plugging in the values, we have:
Rate = $26.19 / ($2845 × 12 days)
Hmm, let's simplify that a bit:
Rate = $26.19 / ($34140)
Now, doing some quick mathematical circus tricks:
Rate ≈ 0.000766034%
So, it seems Sally's credit card issuer is charging her approximately 0.000766034% daily interest. Keep an eye on those balances, Sally!
To determine the rate of simple interest Sally is being charged, we'll use the formula:
Interest = (Principal x Rate x Time)
Given:
Principal (balance) = $2845
Interest = $26.19
Time = 12 days
Rearranging the formula, we can isolate the rate:
Rate = Interest / (Principal x Time)
Substituting the given values:
Rate = $26.19 / ($2845 x 12)
Calculating:
Rate = $26.19 / $34140
Simplifying:
Rate ≈ 0.000766
Converting to percentage:
Rate ≈ 0.0766%
Therefore, Sally is being charged a rate of approximately 0.0766% per day.
To find the rate of simple interest Sally is being charged, we can use the formula:
Simple Interest = Principal * Rate * Time
Given that Sally has a balance of $2845 on her credit card and she must pay $26.19 interest for the 12 days her payment is late, we can plug in these values into the formula to solve for the rate:
26.19 = 2845 * Rate * 12
First, divide both sides of the equation by 2845:
26.19 / 2845 = Rate * 12
Next, divide both sides of the equation by 12:
(26.19 / 2845) / 12 = Rate
Simplifying further:
Rate = 26.19 / (2845 * 12)
Using a calculator, we find:
Rate ≈ 0.0008107
To convert this to a percentage, we multiply by 100:
Rate ≈ 0.0008107 * 100 ≈ 0.08107%
Therefore, Sally is being charged an interest rate of approximately 0.08107%.