Ask your own question, for FREE!
Finance 10 Online
ghost800:

Andy has a remaining balance of $315 on his credit card. His credit card company has an APR of 18 percent. How much will Andy pay in interest for one month?

Mercury:

APR = annual percentage rate since it wants a monthly rate, divide the APR by 12 months then, once you have the monthly percentage, multiply that by the remaining balance to get the monthly interest

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!