Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9%. If he maintains an average balance of $3,500 owed on the card, how much will have have paid in interest after one year?

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27 November, 00:08

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Colt Ortega · Answer 1

Hi there

First convert the rate into decimal

19.9/100=0.199

So interest paid after one year is

I=3,500*0.199*1year

I=696.5

Good luck!