How much interest would you have to pay for a credit card balance of 644.00 that is 9 months overdue, if a 22% annual rate is charge. Is this a future value question or what formula should I be using here. FV = PMT( (1 + i)^n -1 )/i
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I found it. So simple, yet so difficult -math. I = Prt I = 644(.22)(.75) I = 106.26
the formula you have used is for simple interest (as opposed to compound interest). Was that intentional?
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