SOLUTION: A department store charges 21.9% annual rate for overdue accounts. How much interest will be owed on a $6,168 account that is 2 months overdue?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A department store charges 21.9% annual rate for overdue accounts. How much interest will be owed on a $6,168 account that is 2 months overdue?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 207822: A department store charges 21.9% annual rate for overdue accounts. How much interest will be owed on a $6,168 account that is 2 months overdue?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
.219/12*2=.0365 interest for two months
6168*.0365=$225.13