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10 July, 03:31

Lenny has a remaining balance on his credit card of $3,000. His credit card has an APR of 20 percent. How much will he pay in interest in one month?

$50.20

$600

$50.00

$6.00

+5
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  1. 10 July, 03:36
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    A=p (1+i/m) ^mn

    P=3000

    i=0.20

    M=12

    n=1/12

    A=3,000 * (1+0.20:12) ^ (12*1/12)

    =3,050

    Interest earned=3050-3000=50
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