Question

You have a balance of $4,600 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40.

Answer 1

Answer:

$86

Step-by-step explanation:

first you gotta find the interest

4,600 * 1% = 46

so the interest is $46

then you add the interest and late fees together to get the payment for the month

46 + 40 = $86

your total cost is $86