SOLUTION: You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for th

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for th      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 957294: You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for the month?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
1% of 4500 = 0.01*4500 = 45

Add on a late fee: 45+40 = 85

Question: What are your fees plus interest for the month?

Answer: $85
------------------------------------------------------------------------------------------------------------------------

If you need more one-on-one help, email me at jim_thompson5910@hotmail.com. You can ask me a few more questions for free, but afterwards, I would charge you ($2 a problem to have steps shown or $1 a problem for answer only).

Alternatively, please consider visiting my website: http://www.freewebs.com/jimthompson5910/home.html and making a donation. Any amount is greatly appreciated as it helps me a lot. This donation is to support free tutoring. Thank you.

Jim
------------------------------------------------------------------------------------------------------------------------