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Thread: interest problem

  1. #1
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    interest problem

    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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  2. #2
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    I found it. So simple, yet so difficult -math.

    I = Prt

    I = 644(.22)(.75)
    I = 106.26
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  3. #3
    MHF Contributor
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    the formula you have used is for simple interest (as opposed to compound interest). Was that intentional?
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