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.

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