A family charges a trip to the zoo on a credit card. The simple interest rate is 12%. The charges are paid after 3 months. What is the total amount paid for the trip? Round your answer to the nearest hundredth.
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To find the total amount paid for the trip, we need to calculate the interest on the charges over 3 months and add it to the original amount charged.
First, we need to determine the interest on the charges. The simple interest formula is given by:
Interest = Principal × Rate × Time
In this case, the principal is the amount charged for the trip, the rate is 12% (or 0.12 in decimal form), and the time is 3 months.
Next, we substitute the values into the formula:
Interest = Principal × Rate × Time
Interest = (Amount charged) × 0.12 × 3
Now we calculate the interest.
Let's assume the amount charged for the trip is $X. Then:
Interest = X × 0.12 × 3
Interest = 0.36X
Therefore, the interest on the charges is 0.36 times the amount charged.
Finally, to find the total amount paid for the trip, we add the original charges to the interest:
Total amount paid = Amount charged + Interest
Total amount paid = X + 0.36X
Total amount paid = 1.36X
To round the answer to the nearest hundredth, you'll need the specific value of X, the amount charged.
To calculate the total amount paid for the trip, we will use the formula for simple interest:
Simple Interest = Principal x Rate x Time
The principal is the amount charged for the trip, and the rate is given as 12%. The time is 3 months.
First, we need to convert the interest rate from a percentage to a decimal by dividing it by 100:
12% / 100 = 0.12
Now we can calculate the simple interest:
Simple Interest = Principal x Rate x Time
Simple Interest = Principal x 0.12 x 3
Since we want to find the total amount paid, we need to add the simple interest to the principal:
Total Amount Paid = Principal + Simple Interest
To find the total amount paid, we need to know the principal amount charged for the trip. Please provide that information.