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garri49 [273]
3 years ago
6

Barbara opens a credit card with an apr of 19.99 how much is charged in interest this month if her balence is 1250?a. $19.99b. $

20.82c. $249.88d. $16.66
Business
1 answer:
puteri [66]3 years ago
8 0

Answer:

b. $20.82

Explanation:

The APR is the annual percent rate on a credit card. That is, Barbara's credit card has a 19.99% annual interest rate. In order to find the amount charged in interest for this month, we must find her monthly interest rate (m):

m = \frac{APR}{12}\\m = \frac{19.99\%}{12}\\m=1.666\%

Since her balance is 1250, her monthly interest is:

I = B*m\\I = \$1250 *1.666\%\\I=\$20.82

The answer is b. $20.82

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