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Please help me to solve this? (1 Viewer)

Satasonic

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Guys, I have a problem in solving an interest question :D
it basically is: The balance on a credit card is $2563.75 . If the full balance is not paid by the due date, one month's interest will be added at a rate of 18% p.a.
Calculate the amount of interest that will be added to the credit card.
Thanks for all the helpers! :3
 

fullonoob

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Guys, I have a problem in solving an interest question :D
it basically is: The balance on a credit card is $2563.75 . If the full balance is not paid by the due date, one month's interest will be added at a rate of 18% p.a.
Calculate the amount of interest that will be added to the credit card.
Thanks for all the helpers! :3
this is a stupid question really xD
It doesnt tell you if its overdue or not and by how many months. So you will probably assume that it is one month which is what the previous poster did.
If its 3 months you put 3/12 instead of 1/12 etc. :D
 

Meepo

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It cannot be solved.

It does not tell you how many months it been overdued.
 

fullonoob

fail engrish? unpossible!
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It cannot be solved.

It does not tell you how many months it been overdued.
lol thats exactly what i said. The OP probs didnt type the whole question, so i gave him an example in which he could base his understanding on :D
 

Meepo

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lol thats exactly what i said. The OP probs didnt type the whole question, so i gave him an example in which he could base his understanding on :D
LOLS my bad didnt see your post cockeyed here ROFL
 

frenzal_dude

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Guys, I have a problem in solving an interest question :D
it basically is: The balance on a credit card is $2563.75 . If the full balance is not paid by the due date, one month's interest will be added at a rate of 18% p.a.
Calculate the amount of interest that will be added to the credit card.
Thanks for all the helpers! :3
The question is fine, it doesn't need to say how many months over due it is, because the question tells us that if the balance isn't paid by the due date, ONE MONTH's interest will be added, ie. if you paid the balance 1, 2, 3 or however many months late, only 1 month of interest will be added.

Therefore if the balance is paid after the due date, you'll need to pay 1 months interest on it, so 18% in one year is 1.5% for one month, 1.5% * $2563.75 = $38.46
 

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