Question

jacob has not paid his $320 credit card bill and it was sent to collections. his interest rate is 43%, compounded daily

Answer 1

Given:
$320 credit card bill
43% interest rate compounded

Solution:
The compound interest per day is .43/365
Interest accrued per year is [1 + (.43/365)]^365x
x = is the year
Balance after x years is 320 [1 + (.43/365)]^365x dollars