Take a Test -Imani Neison Mathway Math Probiem So x G compounded qua Quizzes &Te

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Take a Test -Imani Neison Mathway Math Probiem So x G compounded qua Quizzes &Tests; a https://www.mathxl.com/Student/PlayerTest.aspx?testld 161259446&centerwin; yes @ Take a Test-mani Nelson Math 135-01 uiz: Quiz 7 (3.1 &3.2) is Question: 1 pt 5of10(8 complete) How much interest will you have to pay for a credit card balance of S906 that is 1 rmonth overdue, ta 22% annual rate is charged? You will have to pay $in interest. (Round to two decimal places) Enter your answer in the answer box MacBook Air

Explanation / Answer

First we find 22% of 906
which is 0.22*906 = 199.32 dollars

So, we have 199.32/12 = 16.61 dollars repaid over 12 months

Now, it is one month overdue, so
you will have to pay

199.32 + 16.61

215.93 dollars of interest

Now, if this does not work, then it was meant for us to find just the monthly payment for the last month, i.e
16.61 + 16.61(for the overdue payment)
which will come out to 33.22

So, either it is
215.93 or 33.22

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