could someone plz teach me how to di this!!!!?????!!!??...

Question

anonymous · Answer

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?
 Answer

anonymous · Answer

a credit card company might charge 1% a month, but the APR is 1% x 12 months = 12%.\
back to ur question now ...0.963
so whats charged per month is (12.17/1200) * 950 = 9.63 
not sure at all about the answer

mertsj · Answer

If it were simple interest, they would charge her 12.17% times $950 for the year.  But is it charged monthly so take 12.17 % times $950 and divide by 12.  Or, more commonly the calculation is done by dividing first.  So take .1217 and divide it by 12 and then multiply by the $950.

mertsj · Answer

Also the credit card companies usually use the average daily balance as the balance.  So if you don't use you credit card all month until the last day and then you buy something that costs $6000 on the last day of the month, they will say that your average balance was 6000/30 or 200 and they will figure the interest on the $200 for the entire month.

anonymous · Answer

should we divide it by 12 or by 12*100 ?

anonymous · Answer

just remember the formula i=prt