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2 months ago, Blake used his credit card for a transaction of 400 dollars. The bank charges a rate of interest of 25% per month compounded monthly. How much does Blake owe to th…

2 months ago, Blake used his credit card for a transaction of 400 dollars. The bank charges a rate of interest of 25% per month compounded monthly. How much does Blake owe to th…
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21 votes
2 months ago, Blake used his credit card for a transaction of 400 dollars. The bank charges a rate of interest of

25% per month compounded monthly.
How much does Blake owe to the bank today?

User Dir
by
8.7k points

1 Answer

11 votes

Answer:

625

Explanation:

A=400x5/4x5/4

=400x(5/4)^2

=400x25/16

=625

User Lilla
by
7.3k points
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