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Darina [25.2K]
3 years ago
11

3. If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in inter

est would you expect Lucy to be charged in a typical month?
Computers and Technology
2 answers:
oee [108]3 years ago
8 0
Lucy will be charged about $10.00
Maslowich3 years ago
3 0

Answer

$10

Explanation

Issuer of credit cards will charge interest when a person carries a balance beyond the grace period. Every month were a person fails to pay the balance in full, finance charge is added to the balance. In this case, the interest will be;

(16/100)× $750×1/12 =$10


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The probability that they are between 0.22 and 0.28 is 0.2703.

The probability that they are within 0.03 of the population proportion is 0.3566.

<h3>What is the probability that they are at most 0.25?</h3>

Using Excel, we shall assume that the distribution is normally distributed.

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=NORM.DIST(0.28,0.3,0.0648,TRUE) - NORM.DIST(0.22,0.3,0.0648,TRUE)

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X high = 0.30 + 0.03

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= 0.3566.

Find out more on probability at brainly.com/question/1846009.

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