Ramesh brought a new mobile phone for rupees 8000 through a credit card his card as an interest rate of 19% P.A if he has no other charge on his card and does not pay off his balance at the end of the months how many money does he owe after a month
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Answer:
Total Amount owed by Ramesh in rupees= 9520
Step-by-step explanation:
Given that
Price of mobile phone in rupees = 8,000
Interest rate = 19% = 0.19
As the interest is rate is simple so we will use the following formula to calculate the interest
A = Prt
Where;
A = Interest payable
P = Principal Amount
r = Rate of Interest
t = time in years
So, Substituting the values
A = (8,000)(0.19)(1)
A = Rs. 1520
So, if he does not pay the interest in the specified months then he will have to pay an amount of 9520 or 8000 + 1520.
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