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

this table can be used to organize gigis credit card balances and payments over 6 months. the annual percentage rate on the credit card is 14%.\n\n| month | balance | payment | interest rate | interest charged |\n| ---- | ---- | ---- | ---- | ---- |\n| 1 | $650 | $300 | 0.01167 | $4.08 |\n| 2 | $354.08 | $50 | 0.01167 | |\n| 3 | $307.63 | $50 | 0.01167 | |\n| 4 | $260.64 | $50 | 0.01167 | |\n| 5 | $213.10 | $50 | 0.01167 | |\n| 6 | $165 | $50 | 0.01167 | |\n\nwhat is the amount of interest charged for the first 6 months?

this table can be used to organize gigis credit card balances and payments over 6 months. the annual percentage rate on the credit card is 14%.\n\n| month | balance | payment | interest rate | interest charged |\n| ---- | ---- | ---- | ---- | ---- |\n| 1 | $650 | $300 | 0.01167 | $4.08 |\n| 2 | $354.08 | $50 | 0.01167 | |\n| 3 | $307.63 | $50 | 0.01167 | |\n| 4 | $260.64 | $50 | 0.01167 | |\n| 5 | $213.10 | $50 | 0.01167 | |\n| 6 | $165 | $50 | 0.01167 | |\n\nwhat is the amount of interest charged for the first 6 months?

Answer

Explanation:

Step1: Identify known interest - charged values

The interest charged in month 1 is $4.08. We need to calculate the interest charged for months 2 - 6 using the formula $I = B\times r$, where $I$ is the interest, $B$ is the balance, and $r$ is the monthly interest rate ($r = 0.01167$).

Step2: Calculate interest for month 2

$I_2=354.08\times0.01167 = 4.13$

Step3: Calculate interest for month 3

$I_3=307.63\times0.01167 = 3.60$

Step4: Calculate interest for month 4

$I_4=260.64\times0.01167 = 3.04$

Step5: Calculate interest for month 5

$I_5=213.10\times0.01167 = 2.49$

Step6: Calculate interest for month 6

$I_6=165\times0.01167 = 1.92$

Step7: Sum up the interest for 6 months

$I_{total}=4.08 + 4.13+3.60 + 3.04+2.49+1.92=19.26$

Answer:

$19.26$