Question

IS MY ANSWER RIGHT ? [$24.38]

Delilah opens a credit card with an APR of 24.38% compounded monthly. How much is charged in interest this month if her balance is $550?

Answer 1

550 x 0.2438/12 = ?

Answer 2

So, you take that APR and divide by the compounding period to get the interest rate for that month. Multiply that by the balance to get the actual interest.

Answer 3

All good now, @NaCl ?

Answer 4

oh lol finally someone respond I just need the formal into solving into getting my answer the right way that's all not just get only the answer. Thanks alot @tcarroll010

Answer 5

uw!

Answer 6

Good luck to you in all of your studies! @NaCl

Answer 7

. . . and thx for the medal!

Answer 8

I got 11.17416667

Answer 9

You got it! Good job!

Answer 10

Katherine uses her credit card to purchase a new television for $709.15. She can pay off up to $350 per month. The card has an annual rate of 25.7% compounded monthly. How much will she pay in interest?