Many college students have Visa credit cards that carry an interest rate of simple 24% per year
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Many college students have Visa credit cards that carry an interest rate of "simple 24% per year" (that is, 2% per month). When the balance on such a card is $5000, the minimum payment is $110.25.
(a) What is the amount of interest in the first payment?
(b) How long will it take, in months, to pay off the balance, if the cardholder continues to make payments of $110.25 per month and adds no other charges to the card?
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Saif Rafi
A qualified and self-motivated Civil Engineer with expertise experience in design, drafting, surface water management, mining, hydrology, and municipal waste disposal. Adept at deploying procedures and standards that meet regulatory requirements. Exceptional adaptability and open-mindedness with excellent communication skills in both verbal and written. In terms of experience, I have two years of working experience as a research assistant with a highly equipped laboratory at the University of Saskatchewan.
I also worked as a teaching assistant at the University of Saskatchewan for 1 year.
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• Marked and interacted with students to provide guidance and feedback on course materials.
• Reviewed course materials and provided feedback.
Also worked as a home tutor in Canada and back to my country.
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