this table can be used to organize rajs credit card balances and payments over 6 months. the annual…

this table can be used to organize rajs credit card balances and payments over 6 months. the annual percentage rate on the card is 18%.\n\n| month | balance | payment | interest rate | interest charged |\n| ---- | ---- | ---- | ---- | ---- |\n| 1 | $500 | $100 | 0.015 | $6.00 |\n| 2 | $406 | $50 | 0.015 | |\n| 3 | $361.34 | $50 | 0.015 | |\n| 4 | $316.01 | $50 | 0.015 | |\n| 5 | $270 | $50 | 0.015 | |\n| 6 | $223.30 | $50 | 0.015 | |\n\nwhat is the amount of total interest charged for the first 6 months?

this table can be used to organize rajs credit card balances and payments over 6 months. the annual percentage rate on the card is 18%.\n\n| month | balance | payment | interest rate | interest charged |\n| ---- | ---- | ---- | ---- | ---- |\n| 1 | $500 | $100 | 0.015 | $6.00 |\n| 2 | $406 | $50 | 0.015 | |\n| 3 | $361.34 | $50 | 0.015 | |\n| 4 | $316.01 | $50 | 0.015 | |\n| 5 | $270 | $50 | 0.015 | |\n| 6 | $223.30 | $50 | 0.015 | |\n\nwhat is the amount of total interest charged for the first 6 months?

Answer

Explanation:

Step1: Identify interest - charged values

The interest - charged values for each month are $6.00$, and we need to find the values for months 2 - 6. For month 2: The balance is $406$ and the interest rate is $0.015$. The interest charged is $406\times0.015 = 6.09$. For month 3: The balance is $361.34$ and the interest rate is $0.015$. The interest charged is $361.34\times0.015= 5.4201\approx5.42$. For month 4: The balance is $316.01$ and the interest rate is $0.015$. The interest charged is $316.01\times0.015 = 4.74015\approx4.74$. For month 5: The balance is $270$ and the interest rate is $0.015$. The interest charged is $270\times0.015=4.05$. For month 6: The balance is $223.30$ and the interest rate is $0.015$. The interest charged is $223.30\times0.015 = 3.3495\approx3.35$.

Step2: Calculate total interest

Add up all the interest - charged values: $6.00 + 6.09+5.42 + 4.74+4.05+3.35$ $=(6.00+6.09)+5.42 + 4.74+4.05+3.35$ $=12.09+5.42 + 4.74+4.05+3.35$ $=(12.09+5.42)+ 4.74+4.05+3.35$ $=17.51+ 4.74+4.05+3.35$ $=(17.51+ 4.74)+4.05+3.35$ $=22.25+4.05+3.35$ $=(22.25+4.05)+3.35$ $=26.3+3.35$ $=29.65$

Answer:

$29.65$