What Is Wrong, If Anything, with the Statement Below $$\begin{aligned}I & = P r t \\& = \$ 950 ( 0.15 ) \left( \frac { 1 } { 12 } \right) \\& = \$ 11.875\end{aligned}$$

question 234

True/False

What is wrong, if anything, with the statement below?
Answer true or false . If false, explain your reasoning.
Suppose that you receive a credit card bill on December 1 for $950. You mail in a payment of $550 the same day, and it is received in 7 days. If the interest is charged at 15% APR and is calculated according to the adjusted balance method, the amount of interest is $$\begin{aligned}I & = P r t \\& = \$ 950 ( 0.15 ) \left( \frac { 1 } { 12 } \right) \\& = \$ 11.875\end{aligned}$$ or (to the nearest cent) $11.88

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