Match the expression 2-4 Simplify

If the typical balance on Lucy's credit card is $650 and the interest rate (APR) on her credit card is 18%, how much in interest

Mariana [72]

$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.

$\boxed{ \ I = P \times r \times t \ }$

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 $\frac{18}{100}$ or 0.18
t = $\frac{1}{12}$ year (one month)

Let us calculate how much in interest we would expect to be charged in a typical month.

$\boxed{ \ = 650 \times \frac{18}{100} \times \frac{1}{12} \ }$

$\boxed{ \ = 65 \times \frac{3}{10} \times \frac{1}{2} \ }$

$\boxed{ \ = \frac{195}{10} \times \frac{1}{2} \ }$

$\boxed{ \ = \frac{97.5}{10} \ }$

$\boxed{ \ = \frac{975}{100} \ }$

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.

<h3>Learn more </h3>

What interest (in dollars) does he receive annually? brainly.com/question/8192969
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What is the total amount owed at the end of the 4 years brainly.com/question/13675435

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The value of P (A ∩ B) is 0.25.

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Independent events are those events that do not effect the occurrence of each other, i.e. if event X and Y are independent then the occurrence of X and Y are not influenced by each other.

For independent events X and Y the joint probability of X and Y is:

$P (X\cap Y)=P(X)\times P(Y)$

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