Homework 19-Sec 19 Credit Cards 123 duantitative Reasening 11. Suppose Billy had

Question

Homework 19-Sec 19 Credit Cards 123 duantitative Reasening 11. Suppose Billy had a zero balance on his credit card but then used the card to charge $1,900 of his tuition. His annual interest rate is 30%. Complete parts a) through d) below a) What percentage will be charged each month? He will be charged every month. (T b) What will be the interest charge for the first month? He will be charged $ c) What is his balance after making a $100 payment? His balance after the $100 payment is $ d) What is the interest charge for the second month? He will be charged $ ype an integer or a decimal.) in interest for the first month. (Round to the nearest cent as needed.) Round to the nearest cent as needed.) in interest for the second month. (Round to the nearest cent as needed.) 12. Suppose Evan had a zero balance on his credit card but then used the card to charge $300 for textbooks and supplies. His annual interest rate is 30%. Use one computation to determine the interest charged for the first month. (Round to the nearest cent as needed.) 0 tf

Explanation / Answer

12) Divide the annual interest rate expressed as a percentage by 12 to calculate the monthly interest rate expressed as a percentage.

So,

Here annual = 30%

So, monthly = 30/12 = 2.5%

Interest charged = 300 * 0.025 = $7.5

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