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OpenStudy (anonymous):
Can someone help me ! 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?
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OpenStudy (tkhunny):
Have you considered dividing the annual rate by 12 to produce the monthly rate?
OpenStudy (anonymous):
24.38/12 = 2.031667% 2.031667% of 550 = 0.02031667*550 = 11.1741685 ?
OpenStudy (tkhunny):
Why do you doubt?
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