jeffheley
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if a musician uses his credit card to pay for a new violin that costs 2,900 and does not pay on it until the second month what will the 3.35% monthly interest charge be at the end of the first month

Respuesta :

Answer:

$97.15.

Step-by-step explanation:

We have been given that a  musician uses his credit card to pay for a new violin that costs 2,900 and does not pay on it until the second month. The credit card charges 3.35% monthly interest.

[tex]I=PrT[/tex], where,

[tex]I=\text{Amount of interest}[/tex],

[tex]P=\text{Principal amount}[/tex],

[tex]r=\text{Interest rate in decimal form}[/tex],

[tex]T=\text{Time}[/tex]

Let us convert our given rate in decimal form.

[tex]3.35\%=\frac{3.35}{100}=0.0335[/tex]

Upon substituting our given values in interest formula we will get,

[tex]I=2900*0.0335*1[/tex]

[tex]I=2900*0.0335[/tex]

[tex]I=97.15[/tex]

Therefore, the monthly interest charge at the end of the 1st month will be $97.15.

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