Overview
I’m working on a Mathematics exercise and need support.
1. Jake borrowed $5200 for 7 years. The simple interest is $2366.00. Find the rate.
2. Katie had an unpaid balance of $1474.50 on her credit card statement at the beginning of September. She made a payment of $65.00 during the month. If the interest rate on Katie's credit card was 18.5% per month on the unpaid balance, find the finance charge and the new balance on October 1.