Francine opens a credit card with an APR of 14.75% compounded monthly. How much is charged in interest this month if her balance is $900?

$11.06

$14.75

$75.00

$132.75

Question

Francine opens a credit card with an APR of 14.75% compounded monthly. How much is charged in interest this month if her balance is $900?

$11.06

$14.75

$75.00

$132.75

anonymous · Answer

If my memory is correct, you have to convert the percentage to a decimal first.
14.75% would become .1475
then multiply total dollars by percentage which is now decimal.
900$ x .1475 = answer.

anonymous · Answer

you convert 14.75% by moving 2 decimals to the left. thats how you always convert percentage to decimal.
example: you got 9/10 on a test. 9 divided by 10 is .90 and move RIGHT 2 decimals and it becomes 90 and add %% sign and you got 90% on test.

anonymous · Answer

Thank you so much, I just kept forgetting to put the decimal point

anonymous · Answer

you're welcome!!! :D