I need help with this burrowing money questions.

# 1: Zara received a credit card statement that has a new balance of $987.65 & a minimum payment of $43.21. The annual percent rate is 15% compounded daily and charged on the unpaid balance. Zara makes only the minimum payment. She makes no other purchases. How much interest will Zara be charged on the next statement in 15 days?

#2: Hanna is lending logan $767.54 to buy a computer. Hanna charges simple interest at at 7.2%/yr. At the end of 5 years, Logan will repay Hanna. How much will Logan owe?

Please help! I need it done today!!

Sure, I can help you with these borrowing money questions.

# 1: To calculate the interest that Zara will be charged on the next statement in 15 days, we first need to determine the daily interest rate. We can calculate this by dividing the annual percent rate by 365 (since interest is compounded daily).

Daily interest rate = 15% / 365 = 0.000411% per day

Next, we calculate the total interest charged over 15 days by multiplying the daily interest rate by the unpaid balance (new balance minus minimum payment).

Total interest charged = 0.000411% * ($987.65 - $43.21) * 15

= 0.000411% * $944.44 * 15

= $0.6177 * 15

= $9.2655

Therefore, Zara will be charged $9.27 in interest on the next statement in 15 days.

# 2: To calculate the amount that Logan will owe Hanna at the end of 5 years, we can use the formula for simple interest:

Interest = Principal (loan amount) * Rate * Time

In this case, the principal is $767.54, the rate is 7.2% (0.072 as a decimal), and the time is 5 years.

Interest = $767.54 * 0.072 * 5

= $275.71

The total amount that Logan will owe Hanna at the end of 5 years is the principal (loan amount) plus the interest:

Total amount = Principal (loan amount) + Interest

Total amount = $767.54 + $275.71

= $1043.25

Therefore, Logan will owe Hanna $1043.25 at the end of 5 years.

I hope this helps! Let me know if you have any further questions.