Question

I know this is starting to get annoying, but im almost done!!!!!
Walter opens a credit card with an APR of 24.99% compounded monthly. How much is charged in interest this month if his balance is $1,105?

Answer 1

@jim_thompson5910 hola

Answer 2

24.99% compounded monthly

means the monthly interest rate is _____

Answer 3

IDK :D
12?

Answer 4

you divide the APR by 12 to convert over to the monthly interest rate

Answer 5

.020825 BOOM

Answer 6

then you multiply that by the balance

Answer 7

balance = principal (ie amount you owe)

Answer 8

23.01!!!!! BOOOOOOOOOOOOM!!!

Answer 9

good

Answer 10

yay, another medal! :D makes me happy

Answer 11

lol