Question

to get the money to buy a stereo system, Emily obtained a cash advance of $1500 from her credit card. she borrowed the money on January 10 and repaid it on January 31. if Emily is charged an interest rate of 0.05477% per day, how much did she pay the credit card company on January 31?

Answer 1

After the expiration of 31 days, Emily has to pay back $ 1526.

This is an exponential growth problem, we have the following information from the question;

Initial amount borrowed (Po) = $1500

Interest rate (r) = 0.05477% per day

Time taken (t) = 31 days

Amount Due (P)= ?

From the relation;

P =Poe^rt

P =$1500e^{\frac{0.05477}{100}} * 31$

P =$ 1526

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