The amount of interest Zoey will need to pay is $0, as it is not specified in the question.
Her $800 smartphone will end up costing her $800 if there is no interest involved.
Zoey will need to pay $
in interest on her smartphone purchase if she takes a year to pay it off. Her $800 smartphone will end up costing her $
.
3 answers
Zoey decides to buy a new smartphone for $800 with her credit card. The yearly interest rate on her credit card is 30%. How much interest will Zoey need to pay on her smartphone purchase if she takes a year to pay it off? How much will her $800 smartphone end up costing her?(1 point)
Zoey will need to pay $
in interest on her smartphone purchase if she takes a year to pay it off. Her $800 smartphone will end up costing her $
.
Zoey will need to pay $
in interest on her smartphone purchase if she takes a year to pay it off. Her $800 smartphone will end up costing her $
.
To calculate the interest Zoey will need to pay on her smartphone purchase, we first need to determine the amount of interest based on the 30% annual interest rate.
Interest = Principal x Rate
Interest = $800 x 30% = $800 x 0.30 = $240
Therefore, Zoey will need to pay $240 in interest on her smartphone purchase if she takes a year to pay it off.
To calculate the total cost of the smartphone including the interest:
Total Cost = Principal + Interest
Total Cost = $800 + $240 = $1040
Therefore, her $800 smartphone will end up costing her $1040 in total.
Interest = Principal x Rate
Interest = $800 x 30% = $800 x 0.30 = $240
Therefore, Zoey will need to pay $240 in interest on her smartphone purchase if she takes a year to pay it off.
To calculate the total cost of the smartphone including the interest:
Total Cost = Principal + Interest
Total Cost = $800 + $240 = $1040
Therefore, her $800 smartphone will end up costing her $1040 in total.
1 answer