Question

Raymond has a credit card with a 21.99% Apr. His balance this month is 3,000. Calculate how much interest he will pay this month. Round to the nearest cent.

Answer 1

The interest Raymond will pay this month is $54.98

What does APR mean?

APR means annual percentage rate, which means that since we are computing monthly interest, the annual rate which is the whole 12 months needs to be divided by 12 to ascertain the equivalent monthly interest rate

monthly interest=21.99%/12

What is the monthly interest amount in dollars?

The monthly interest amount in dollars is determined as the monthly interest rate multiplied by the credit card balance at the end of the month

monthly interest=$3,000*21.99%/12

monthly interest=$54.98

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