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Mama_Cakes's avatar

Someone help me with this interest rate question (details inside)

Asked by Mama_Cakes (11173points) March 26th, 2012

If a school course is $450.

A service charge of 1.5%, annualized at 19.56%, is added to accounts not paid by their due date, at each month end.

How much would you owe if you paid for the course at the end of month (late payment)?

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6 Answers

missingbite's avatar

More than it was worth. Looks like about $540.00 but I have been drinking so I could be way off!!!

missingbite (7531points)“Great Answer” (0points) Flag as…
Mama_Cakes's avatar

That can’t be right.

Mama_Cakes (11173points)“Great Answer” (0points) Flag as…
missingbite's avatar

You’re right now I think its 456.75 and I should really stop drinking.

missingbite (7531points)“Great Answer” (4points) Flag as…
Adirondackwannabe's avatar

450 X .1956 divided by 360 gives you the per diem. Times 30 days gives you $7.34
Depends which way they figure it.

Adirondackwannabe (36713points)“Great Answer” (4points) Flag as…
DrBill's avatar

$458.56 if paid 30 days after due date

DrBill (16066points)“Great Answer” (1points) Flag as…

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