You guys don’t have to read this, I just needed to post this on my forum using the link the word press provides. But if you decide to look at this I just did some short calculations according to my assignment.
Go to Bankrate.com, and find the daily overnight average interest rate for all variable rate credit cards. – Based on this interest rate, calculate the amount of interest you would pay on a $600 initial credit card balance over six months if the interest is compounded monthly
23.94% divide 365 = 0.06558904109
The next step is to take $600 and multiply it by 0.06558904109 to get $39.39