Calculating Interest - 搜索视频

SOLVED:Calculating Interest Expense You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 2.40 percent per year, compounded monthly for the first six months, increasing thereafter to 18 percent compounded monthly. Assuming you transfer the 7,500 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?

SOLVED:Calculating Interest Expense You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of 2.40 percent per year, compounded

VIDEO ANSWER: All right, So this is a great real life problem about credit card interest. We're gonna need the compounding interest formula which looks like th…

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