Can anybody help me with this please?
1 answer:
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$9.75
<h3>Further explanation </h3>Given:
- The typical balance on Lucy's credit card is $650.
- The interest rate (APR) on her credit card is 18%.
Question:
How much in interest would you expect Lucy to be charged in a typical month?
The Process:
This problem includes the type of determining simple interest.
where,
- I = simple interest
- P = principal (initial amount)
- r = annual interest rate
- t = time (in years)
This time we will find out how much in interest we would expect to be charged in a typical month.
The data is as follows:
- P = 650
- r = 18% or
or 0.18
- t =
year (one month)
Let us calculate how much in interest we would expect to be charged in a typical month.
Thus the amount of interest we would expect Lucy to be charged in a typical month is $ 9.75.
_ _ _ _ _ _ _ _ _ _
Notes
We must be able to distinguish between simple and compound interest. Please learn about this in the link attached below.
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