MATH SOLVE

3 months ago

Q:
# 1. Find the interest generated by a balance of $7800 on a credit card charging 27.8% interest per year over a 30 day period using Banker’s Rule.

Accepted Solution

A:

Answer:the interest generated over 30 days using banker's rule is $180.7Step-by-step explanation:balance = $7800 credit card charging interest rate per year = 27.8%interest generated over a 30 day period = = P × R ×T = [tex]7800\times 0.278\times \dfrac{30}{360}[/tex] = $180.7hence, the interest generated over 30 days using banker's rule is $180.7