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OpenStudy (anonymous):
*CORRECT ME 4 MEDAL* Francine opens a credit card with an APR of 14.75% compounded monthly. How much is charged in interest this month if her balance is $900? $11.06 $14.75 $75.00 $132.75<--- ------------ 900 x .1475 = 132.75 ?
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OpenStudy (amistre64):
divide by 12
OpenStudy (amistre64):
14.75 is a year amount, that is broken up into /12 pices
OpenStudy (amistre64):
each month is worth .1475/12 to equal a total of .1475 for the whole year
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