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A person charges $100 to a credit card with a 24% nominal annual interest rate. Assuming no other charges or payments are made, find the
balance on the card, in dollars, after 1 year for interest calculated at each time interval. Round to the nearest cent if necessary.
a. annually $
b. every 6 months
C. every 3 months $
d. monthly
e. daily $

Respuesta :

francocanacari

The balance would be $124 annually, $62 every 6 months, $31 every 3 months, $10.33 every month, and $0.34 every day.

Calculus

Given that a person charges $100 to a credit card with a 24% nominal annual interest rate, assuming no other charges or payments are made, to find the balance on the card, in dollars, after 1 year for interest calculated at each time interval, the following calculation must be performed:

  • A) Annually
  • 100 x 1.24 = X
  • 124 = X

  • B) Every 6 months
  • 124 / 2 = X
  • 62 = X

  • C) Every 3 months
  • 124 / 4 = X
  • 31 = X

  • C) Monthly
  • 124 / 12 = X
  • 10.33 = X

  • E) Daily
  • 124 / 365 = X
  • 0.34 = X

Therefore, the balance would be $124 annually, $62 every 6 months, $31 every 3 months, $10.33 every month, and $0.34 every day.

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