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19 April, 03:48

Walter opens a credit card with an APR of 24.99% compounded monthly. How much is charged in interest this month if his balance is $1,105? $44.22 $23.01 $92.08 $24.9

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  1. 19 April, 04:06
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    Find the interest for 1 year (12 months)

    interest = 24.99% * 1,105

    interest = 0.2499 * 1,105

    interest = 276.1385

    Find the interest for 1 month

    interest = interest per year / 12

    interest = 276.1385 / 12

    interest = 23.01

    The interest of this month is $23.01
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