I am having difficulty solving this problem with compound interest formaulas.
Basciall, a guy has a balance of $5,000.00 at the beginning of a billing month. From May 3rd until May 16th he is paying 6% interest (6% monthly) and then from the 17th of May until the 1st of June the amount is reduced to 5%. He also then pays a 15% tax on those amounts. The answer should be around $300.00 – I cannot work it out!