A bank is offering you an introductory credit card promotion. Your interest for the first year is 8%. But, at the beginning
1 answer:
Answer:
Explanation:
<u>1. Calculate the monthly interest owed during year 1</u>
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- <em>Interest for first year: 8%</em>
- The monthly rate is the yearly rate divided by 12: 8% / 12 = 0.08/12
- The monthly interest owed is the monthly rate times the balance: (0.08/12)×$1,800 = $12.00
<u>2. Calculate the monthly interest owed during year 2</u>
<u />
- <em>Interest for second year: 23%</em>
- The montly rate is the yearly rate divided by 12: 23% / 12 = 0.23/12
- The monthly interest owed is the monthly rate times the balance: (0.23/12)×$1,800 = $34.50
<u>3. Calculate the difference</u>
- Difference in the monthly interest owed during year 1 and year 2 = $34.50 - $12.00 = $22.50
Hence, the answer is the option c) $22.50
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The correct answer is C. Commutative Property
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State tax = 2% of $215 = 0.02 x $215 = $4.30
city tax = 1% of $215 = 0.01 x $215 = $2.15
retirement fund = 3% of $215 = 0.03 x $215 = $6.45
Total deductions = $15.16 + $29.33 + $4.30 + $2.15 + $6.45 = $57.39
Net income = $215 - $57.39 = $157.61
3 terms
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4188.79 would be de answer. Hope that helps.
