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OpenStudy (anonymous):
Correct Me ! [144.95] <<< My answer . How I got it 500(28.99)=144.95 Brooke opens a credit card with an APR of 28.99%. How much is charged in interest this month if her balance is $500? $12.08 $24.16 $28.99 $144.95
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OpenStudy (amistre64):
apr is a compounding interest ... not a simple interest
OpenStudy (amistre64):
since APR is compounded monthly, 12 times a year, each month is 1/12 of the APR \[\text{interest}=B(\frac{apr}{12})\]
OpenStudy (amistre64):
in other words, you can simply divide your results by 12
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