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starrhunter

  • 3 years ago

Becca opens a credit card with an APR of 22.99%. How much is charged in interest this month if her balance is $1750? $19.16 $22.99 $33.53 $402.33

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  1. Rav
    • 3 years ago
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    APR means Annual Percentage Rate. So after a month (which is how much of a year?) the percentage is probably going to be [Balance]*[APR]/[months in year].

  2. kropot72
    • 3 years ago
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    The monthly interest rate is 0.2299/12 expressed as a decimal. Interest for this month is \[\frac{1750\times 0.2299}{12}=$?\]

  3. Rav
    • 3 years ago
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    Yes, that's correct.

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