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Vilka [71]
3 years ago
7

Andy has a remaining unpaid balance of $845 on his credit card. His credit card company has an APR of 18 percent. How much will

Andy pay in interest for one month?
$12.68
$152.10
$15
$1.25
Business
2 answers:
Phoenix [80]3 years ago
6 0
Interest paid
Unpaid balance×APR×(1/12months)

Interest paid=
845×0.18×(1÷12)
=12.68

So the answer is a

Hope it helps!
FrozenT [24]3 years ago
4 0

Answer:

$12.68

Explanation:

Interest is calculated using the formula below. As the consideration for this question is a single month, compounding interest does not need to be considered:

I = P(1+rt)-P

where I is interest, P is the principal amount, r is the interest rate and t is the time of investment

APR is converted to monthly interest rate by dividing by 12 (for the number of months).

P = $ 845

r = 18% annually = 1.5% monthly

t = 1 month

I = P(1+rt)-P

I = 845*(1+0.015*1)-845

I = 845*(1.015)-845

I = 857.675-845

I = 12.68

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Answer:

$3,716,050

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FV = PV × (1 + i)∧n

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Interest Rate (i) 0.015  

Number of years (n) 9

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Answer:

The answer is below

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1. A Letter of Credit (or LC) is one of the major pillars on which International Trade stands.
Marat540 [252]

Answer:

Letter of Credit (LC)

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b) A diagram is attached.  The procedures are detailed below:

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D. The exporter’s bank advises on the letter of credit to the exporter.

E. The exporter presents export documents (bill of lading and invoice) to its bank.

F. The exporter’s bank delivers the documents to the importer’s bank.

G. The importer’s bank debits the account of the importer for the stated amount after confirming that the documents are in order.

H. The importer’s bank pays the purchase price to the exporter’s bank.

I. The exporter’s bank credits the exporter’s bank to show payment.  This ends the transaction.

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Explanation:

As above.

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Answer:

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