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14 October, 16:11

Danielle opens a credit card with an APR of 22.79% compounded monthly. How much is charged in interest this month if her balance is $1550?

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  1. 14 October, 16:12
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    1550 * 0.2279 / 12 (monthly interest is 1/12 of APR)

    = $29.43
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