# 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 = 1.97 1.97 x 12 months = 23.64. Take 3 months off that and it leaves 17.73 add that to 98.50 = 116.23 for nine months. Please give break down Thanks

1. 👍
2. 👎
3. 👁
1. You did simple interest, supposed to compound and where did 12 months come from? It says 9 months.
compound for 6 months (9 months - 3 months)
98.50 * (1.02)^6
=98.50*1.12616
=110.93

1. 👍
2. 👎
2. How did you come up with (1.02)

1. 👍
2. 👎

## Similar Questions

1. ### comsumer math

9. Your fixed expenses are \$1,151.65/month. You saved 4 months' worth in an emergency fund, investing 25% in a savings account at a 3.3% APR and the rest in a 60­day CD at a 4.3% APR. How much total interest accrues over 60 days?

2. ### Math

John took all his money from his savings account he spent 176 on a radio and 6/11 of what was left on presents for his friends of the remaining money john put 5/8 in checking account and 300 was left to charity how much did he

3. ### math

John Lee's savings account has a balance of \$3427. After 9 months, what will the amount of interest be at 4.6% per year?

4. ### Ms.Sue! Math

A DVD store charges \$4.70 for each day, d, a DVD is rented. The store also gives you a dollar off if the DVD is returned before 5 days a. Write a rule to represent the rental charges C. b. How much will you pay if you return the

1. ### math

John took all his money out of his savings account. He spent \$50 on a radio and 3/5 of what remained on presents. Half of what was left he put back in his checking account, and the remaining \$35 he donated to charity. How much

2. ### math

An account earns annual simple interest. Find the balance of the account. \$2000 at 9% for 6 months = \$

3. ### math

john told raquel that if he spent up to \$30 from his saving account, his savings account would have 3/4 as much in it as it has now. From John's statement, raquel can deduce that the least amount of money that john could have in

4. ### math

John took all his money from his savings account. He spent ​\$154 on a radio and 4/7 of what was left on presents for his friends. Of the money​ remaining, John put 6/11 into a checking account and the last remaining ​\$300

1. ### 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

2. ### my math

True or false? Intentionally writing a check on an account with insufficient funds is allowed under certain conditions. I say false? Ben Spender writes a \$50 check which is returned by his bank with additional charges. The company

3. ### differential equation

If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=\$1000 ,and no monies are

4. ### mathematics

Marcus deposits \$1,300 into an account that earns 4% simple annual interest. What is the balance in his account after 21 months?