You have a credit card with a balance of $1,367.90 at a 9.5% APR. You pay $400.00 each month on the due date until the card is paid off. What is the total amount paid including interest?

Question

Caroline Short

Mathematics

20 October, 20:21

You have a credit card with a balance of $1,367.90 at a 9.5% APR. You pay $400.00 each month on the due date until the card is paid off. What is the total amount paid including interest?

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Jeffrey Lee · Answer 1

To get the total amount paid, we need to get 9.5% from the credit card balance of $1,367.90. The amount $1,367.90 should be multiplied by 0.095 that will give a result of $129.9505. Then, we can add $129.9505 with $1,367.90 to get the total amount paid including interest, this results to $1,497.8505.