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If the typical balance on Lucy's credit card is $650 and the interest rate (APR) on her credit card is 18%, how much in interest would you expect Lucy to be charged in a typical month?

Respuesta :

(18%\12)x650=9.75 18 divide by 12 times 650

General Idea:

[tex] Amount \; Charged \; in \; a \; Month \; = \; Monthly \; Interest \; Rate \; \times Typical \; Creditcard\; Balance\\ \\ [/tex]

[tex] Amount \; Charged \; in\; a\; month =\frac{18\%}{12} \times 650 \; = 0.015\times650=9.75 [/tex]

Conclusion:

Amount of interest that Lucy to be charged in a typical month is $9.75

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