Question

You have a credit card with a balance of $1,758.64. The interest is 12.75% APR. A late payment fee of $35.00 is added to the principal if you pay after 12/20. You make a payment for $100.00 on 12/20. How much interest did you pay? A. $224.23 B. $18.69 C. $211.48 D. $17.62

Answer 1

Interest is base on 1758.64 - 100 = 1658.64 Interest for 1 month = 1658.64 x 0.1275 / 12 = 17.62 The answer is $ 17.62 2) Interest on 1758.64 = 1758.64 x 0.1275 / 12 = 18.69 Amount toward principal = 100 - 18.69 - 35 = 46.31........................ $ 35 = Late fee

Answer 2

The answer is 18.69 hope this helps you