A credit card charges an annual interest rate of 23.5%. If you borrowed $200, what is the interest for three months?

A credit card charges an annual interest rate of 23.5%

Amount borrowed = $200

to find the interest for the given time we have to apply the formula Interest = Amount borrowed * percentage * given time / 100

By applying formula we get our interest for three months = 200 * 23.5*025/100 = $11.75 (Ans)

(we have written here 0.25 as interest was calculated for three months and one year has twelve months so 3/12 = 0.25)