# math

John's account of 98.50 has been delinquent for 3 mnths. After 90 days office charges a 2% service charge, compounded monthly that is added to future bills. What would be the amount owed after nine months? My math is 98.50 x 0.02= 1.97 1.97 x 12months =23.64 Take 3months off that it leaves 17.73 add that to 98.50 = 116.23 for nine months Hope I'm right Thanks

1. 👍 0
2. 👎 0
3. 👁 83
1. The service charges are compounded, so they get higher each month. Service charges are assessed seven times, at the ends of months 3,4,5,6,7,8, and 9.
98.50*(1.02)^7 = \$113.15.

1. 👍 0
2. 👎 0
posted by drwls
2. Could you please show me step by step how you got this? Thanks

1. 👍 0
2. 👎 0
posted by GOGIRL

## Similar Questions

1. ### math

John's account of 98.50 has been delinquent for 3 months. After 90 days office charges a 2% service charge, compounded monthly that is added to future bills. What would be the amount owed after 9 months? My math is 98.50 x 0.02 =

asked by JOHNSON on May 9, 2010
2. ### math

Robert Mason's account of \$98.50 has been delinquent for three months. According to the office procedures manual, after 90 days a 2% service charge, compounded monthly, is added to future bills. What will be the amount owed after

asked by lisa on November 22, 2010
3. ### Statics

A power company takes a random sample of its delinquent account files. For 400 accounts, the average delinquent amount was \$239.30 with a standard deviation of \$14.52. With 99% probability, determine the maximum error of the

asked by Heather on December 1, 2012
4. ### math

John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for \$5,000. Freight charges of \$300 were paid in

asked by Bobbi Loffredo on March 19, 2011
5. ### finance

John Roberts has \$42,180.53 in a brokerage account, and he plans to contribute an additional \$5,000 to the account at the end of every year. The brokerage account has an expected annual return of 12 percent. If John’s goal is to

asked by tippy on January 22, 2008
6. ### finance management

John Roberts has \$42,180.53 in a brokerage account, and he plans to contribute an addtional \$5,000.00 to the account at the end of the year. the brokerage account has an expected annual return of 12%. If John's goal is to

asked by cj on January 10, 2008
7. ### Finance

John Roberts has \$42,180.53 in a brokerage account, and he plans to contribute an additional \$5,000 to the account at the end of every year. The brokerage account has an expected annual return of 12 percent. If John’s goal is to

asked by nora on December 19, 2007
8. ### Math

The charges for hiring a car from three different companies, based on the number of days for which a car is hired and/or number of kilometres for which the car is driven are as follows: Company A charges \$660 per day Company B

asked by NiRa on March 15, 2018
9. ### Math

The charges for hiring a car from three different companies, based on the number of days for which a car is hired and/or the number of kilometres for which the car is driven are as follows: Company A charges \$660 per day Company B

asked by NR on March 14, 2018
10. ### math

Robert's acct p \$98.50 has been delinquent for three months. Office procedures charge a 2% service charge after 90 days componded monthly and is added to future bills. What will be the amount owed after nine months? I did \$98.50 x

asked by LASTDAYS on May 13, 2010

More Similar Questions