Question

Lenny has a remaining balance on his credit card of $3,000. his credit card has an apr of 20 percent. how much will he pay in interest in one month?

Answer 1

i believe that the answer is 50 dollars in one month

Answer 2

Answer:

A=p(1+i/m)^mn

P=3000

i=0.20

M=12

n=1/12

A=3,000×(1+0.20÷12)^(12*1/12)

=3,050

Interest earned=3050-3000=50

Explanation: