Question

You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. Let’s assume that you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%.

Answer 1

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Below are the choices:

a.0.0142 
b.1.0142 
c.14.2 
d.1.42

Every month your balance includes the original amount (100%) and the added the monthly interest (1.42%). So each month the balance will be 101.42% of the prior month's balance. Move the decimal point two places to the left to make that into a decimal. 

Answer: 
b. 1.0142