David bought a new refrigerator for $799 and charged it on his credit card. If the card charges 23% simple interest, how much interest would be added after 18 months? Round your answer to the nearest cent.

I am new to this can you help explain how to do this too. Thanks!

interest=799*0.23*1.5=...

simple interest does not compound, it just adds. So the question is asking what is 23Percent for 1.5 years.

275.655

To calculate the interest on David's credit card, we need to use the formula for simple interest:

Interest = Principal (P) × Rate (R) × Time (T)

In this case, the principal is $799, and the rate is 23% or 0.23 (since 23% can be written as a decimal by dividing by 100).

Now, let's calculate the interest for 18 months using the given principal and rate:

Interest = $799 × 0.23 × 18/12

First, we multiply 18 months by 0.23 to get the interest for 18 months in decimal form. Then, we divide it by 12 to convert it into years because the interest rate is typically given on an annual basis.

Interest = $799 × 0.23 × 18/12
Interest = $799 × 0.23 × 1.5
Interest ≈ $275.79

Therefore, the interest added after 18 months would be approximately $275.79.