A family charges a trip to the zoo on a credit card. The simple interest rate is 12%. The charges are paid after 3 months. What is the total amount paid for the trip? Round your answer to the nearest hundredth. tickets are 67.7, gas is 45.5, and food is 62.34
Unfortunately, you failed to include in here the amount that has to be paid by the family initially. However, as a general knowledge, the amount that has to be paid for a credit after n years in a simple interest can be calculated through the equation below, F = P + Prn where P is the initial value, r is the decimal equivalent of the given rate and n is the number of years. If the given simple interest rate is yearly then, the equation would become, F = P x (1 + (0.12)(3/12)) = 1.03P
