Question

Samuel has a balance on his credit card of $766 if the APR on the credit card is 20-point 43% compounded monthly how much is he charged in interest this month

Answer 1

To find the answer you would use this formula:

I = 766(0.2043)*(1/12)

So the answer of how much he is charged in interest for that month is:

$13.04

Hope this helps!