"Vince received a credit card statement that has a new balance of $676.76 and a minimum payment of $49.78. The annual percent rate is 15% compounded daily and charged on the unpaid balance. Vince makes only the minimum payment. He makes no other purchases. How much interest will Vince be charged on the next statement in 15 days? Show your work."
Vince received a credit card statement that has a new balance of $676.76 and a minimum payment of $49.78. The annual percent rate is 15% compounded daily and charged on the unpaid balance. Vince makes only the minimum payment. He makes no other purchases. How much interest will Vince be charged on the next statement in 15 days? Show your work."
$676.76 - $49.78 =$626.98
$626.98 x (1 + .15/365)^15=$630.86
$630.86 - $626.98 =$3.88 Interest charged in 15 days.
