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Thomas charged $2,400 on his credit card to buy furniture. The interest rate charged by the credit card company is 24.9%. How much will he pay in interest after one month?
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Thomas charged $2,400 on his credit card to buy furniture. The interest rate charged by the credit card company is 24.9%. How much will he pay in interest after one month?

User Max Barfuss
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1 Answer

1 vote
If the interest is compounded continuously:
A = Pe^(r)(t) - 50
A =2400e^(0.249)(1/12) - 50 = $2400.32
User Garth Humphreys
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