fay opens a credit card with an APR of 15.25% compounded monthly. How much is charged in interest this month if her balance is $1,300?

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03-01-2018
Mathematics

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fay opens a credit card with an APR of 15.25% compounded monthly. How much is charged in interest this month if her balance is $1,300?

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ahmedishaal ahmedishaal · Answer 1 · 2018-01-12T23:27:22+01:00

ahmedishaal ahmedishaal

12-01-2018

The answer is "$16.52".

APR of 15.25%
How much is charged in interest this month if her balance is $1,300
15.25% compounded monthly = 15.25/12 = 1.27083% monthly interest rate

1.27083% of $1,300 = 0.0127083 x 1300 = $16.52
thus, the amount charged in interest is $16.52.

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DAlTaie4707 DAlTaie4707 · Answer 2 · 2020-12-01T06:05:38+01:00

DAlTaie4707 DAlTaie4707

01-12-2020

Answer:

"$16.52".

Step-by-step explanation:

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