You have a credit card with a balance of 1758.64. the intrest is 12.75% APR. A late payment fee of 35.00 is added to the princible if you pay after 12/20. you make a payment for 1000 on 12/20 how much intrest did you pay?

Question

Daffodil

Mathematics

10 November, 09:20

You have a credit card with a balance of 1758.64. the intrest is 12.75% APR. A late payment fee of 35.00 is added to the princible if you pay after 12/20. you make a payment for 1000 on 12/20 how much intrest did you pay?

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Answers (1)

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Tabetha · Answer 1

The interest you will pay is "17.62".

This is how we calculate this;

Balance in credit card = 1758.64

Interest is based on 1758.64, so 1758.64 - 100 = 1658.64

APR = 12.75% = 0.1275

Interest for 1 month = 1658.64 x 0.1275 / 12 = 17.62

Thus, the answer is $ 17.62.