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OpenStudy (anonymous):
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?
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OpenStudy (anonymous):
@jim_thompson5910 hola
jimthompson5910 (jim_thompson5910):
24.99% compounded monthly means the monthly interest rate is _____
OpenStudy (anonymous):
IDK :D 12?
jimthompson5910 (jim_thompson5910):
you divide the APR by 12 to convert over to the monthly interest rate
OpenStudy (anonymous):
.020825 BOOM
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jimthompson5910 (jim_thompson5910):
then you multiply that by the balance
jimthompson5910 (jim_thompson5910):
balance = principal (ie amount you owe)
OpenStudy (anonymous):
23.01!!!!! BOOOOOOOOOOOOM!!!
jimthompson5910 (jim_thompson5910):
good
OpenStudy (anonymous):
yay, another medal! :D makes me happy
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jimthompson5910 (jim_thompson5910):
lol
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