After making a payment, a person is left with a credit card balance of $315. How much interest will be charged after 18 months if the interest rate is 1.5% per year? Round to the nearest cent. Please explain

Asplund asked Dec 19, 2023

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Asplund asked Dec 19, 2023

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13 votes

Answer:

A = P (1 + i)^n A is the final amount

P is the initial amount

i = interest / period

n = number of periods

A = 315 * (1 + .015)^1.5 = 322.11

John Crawford answered Dec 23, 2023

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