• anonymous
Sonya uses her credit card to pay for new exhaust system that ended up totaling $831.75. She can pay off up to $300 a month. The card has an annual rate of 20.5%. How much will she pay in interest?
  • Stacey Warren - Expert
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  • katieb
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  • anonymous
I'm not sure about this one, but I'll try to help.. First get the monthly rate: \[20.5\div12\] = 1.7083% a month For $831.75 she obviously had to pay for 3 months if monthly rate is 1.7083% So $831.75 contains: Price + 3*monthly rate $831.75 = 105.125% So she paid interest of $40.54

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