Respuesta :
Answer:
The total balance for the month after one month of interest accrues is $561 .
Step-by-step explanation:
Given as :
The principal credit in account = p = $550
The rate of interest = 24% annual
The time period = 1 month = [tex]\dfrac{1}{12}[/tex] year
Let The Amount after one month of interest = $A
Now, From Simple Interest method
Simple Interest = [tex]\dfrac{\textrm principal \times \textrm rate\times \textrm time}{100}[/tex]
Or, s.i = [tex]\dfrac{\textrm p \times \textrm r\times \textrm t}{100}[/tex]
Or, s.i = [tex]\dfrac{550\times 24\times \frac{1}{12}}{100}[/tex]
Or, s.i = [tex]\dfrac{13200}{1200}[/tex]
Or, s.i = 11
∵ Amount = Principal + interest
So, A = s.i + p
Or, A = $11 + $550
∴ A = $561
So, The amount after one month on interest = A = $561
Hence, The total balance for the month after one month of interest accrues = A = $561 . Answer
