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5 January, 03:01

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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  1. 5 January, 03:28
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    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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