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?

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asked Jun 7, 2022 62.0k views

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?

Mathematics
high-school

Dir asked

by Dir

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1 Answer

11 votes

Answer:

625

Explanation:

A=400x5/4x5/4

=400x(5/4)^2

=400x25/16

=625

Lilla answered Jun 12, 2022

by Lilla

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