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OpenStudy (anonymous):
Debbie opens a credit card with an APR of 12.17% compounded monthly. How much is charged in interest this month if her balance is $950?
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OpenStudy (anonymous):
you'll need to find the effective monthly rate, and then times that by $950 to see how much is charged in interest each month \[EffectiveMonthlyRate = (1+APR)^{1/12}-1\]
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