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thorkidestiel
thorkidestiel thorkidestiel
  • 19-01-2017
  • Mathematics
Answered

Debbie opens a credit card with an APR of 12.17% compounded monthly. How much is charged in interest this month if her balance is $950?


Can someone help me through this? or at least give me the right formula and I can see if I can get it on my own

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 19-01-2017

you'll need to find the effective monthly rate, and then times that by $950 to see how much is charged in interest each month
Effective monthly rate=(1+APR)^1/12)-1

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