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Fred owes $5,000 on his credit card. The credit card company charges him interest

of 20% per annum. Interest is calculated and added to the amount owing every
month. Fred does not make any further purchases with it, but he forgets to make
payments. How much will he owe on his credit card after 2 months?


Amount is 5000
interest is 20% per year
interest for 1 month is 1.2*5000/12=500
after 2 months 2*500=1000
therfore he owes 5000+1000=6000 
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