Determine the rate
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The amount that Susan will have to pay in interest is given by: Option A: $5.33 approx.
<h3>How to find the percentage from the total value?</h3>Suppose the value of which a thing is expressed in percentage is "a'
Suppose the percent that considered thing is of "a" is b%
Then since percent shows per 100 (since cent means 100), thus we will first divide the whole part in 100 parts and then we multiply it with b so that we collect b items per 100 items(that is exactly what b per cent means).
Thus, that thing in number is
For this case, we're given that:
- Amonut Susan took out = $200
- Interest rate = 32% annually (interest rates are usually expressed in annual (yearly) terms).
- Amount paid off within 1 month
The interest was 32% annually, so in monthly terms, it would be 32/12 = 2.667% approx. (as there are 12 months in each year)
Since the balance was paid within one month, the interest would be simply 1 time calculated on the main balance.
Thus, we get:
Interest amount ≈ 2.667% of $200 =
Thus, the amount that Susan will have to pay in interest is given by: Option A: $5.33 approx.
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