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High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars)
High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the interest rate is r% can be approximated by the equation shown below.
I |
175.393 |
+ 0.663 = r
If the credit card interest rate is 15.6%, find the amount of interest paid during the 3 years.
I = $
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