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16 January, 09:20

If fabrice has a 1200 balance on his credit card this month and an apr of 20%, his interest charge for this month will be

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  1. 16 January, 09:37
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    If Fabrice has a 1200 balance on his credit card this month and an apr of 20%, his interest charge for this month will be?

    APR is the annual percentage rate of interest being charged to Fabrice annually, or yearly. To find the monthly percentage rate divide the annual rate by 12 months. If his APR is 20% he pays 1.67% of interest each month on the card. Fabrice interest on a $1,200 balance is $19.20.
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