A family charges a trip to the zoo on a credit card. The simple interest rate is 12%. The charges are paid after 3 months. What is the total amount paid for the trip? Round your answer to the nearest hundredth.

Question

Mathematics

Micaela Burke

7 December, 18:23

A family charges a trip to the zoo on a credit card. The simple interest rate is 12%. The charges are paid after 3 months. What is the total amount paid for the trip? Round your answer to the nearest hundredth.

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Dreamer · Answer 1

Unfortunately, you failed to include in here the amount that has to be paid by the family initially. However, as a general knowledge, the amount that has to be paid for a credit after n years in a simple interest can be calculated through the equation below,

F = P + Prn

where P is the initial value, r is the decimal equivalent of the given rate and n is the number of years. If the given simple interest rate is yearly then, the equation would become,

F = P x (1 + (0.12) (3/12)) = 1.03P