Register
Kelly uses her credit card to purchase a new television for $489.25. She can pay off up to $225 per month. The card has an annual rate of 21.7% compounded monthly. How much will she pay in interest? $5.
17.5k views
3 votes
Kelly uses her credit card to purchase a new television for $489.25. She can pay off up to $225 per month. The card has an annual rate of 21.7% compounded monthly. How much will she pay in interest? $5.58 $14.75 $17.79 $54.00

User Alan Araya
by
6.3k points

1 Answer

2 votes
The original price of the television set is
$489.25
She can pay up to
$225 per month
The annual rate is
21.7% or 1.81% (effective per month)
The interest she must pay is
489.25 / 225 (1 + 0.0181) = $17.79
User Alon Minski
by
5.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.7m answers

Other Questions

What is the least common denominator of the four fractions 20 7/10 20 3/4 18 9/10 20 18/25
What is 0.12 expressed as a fraction in simplest form
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
What is distributive property ?
Link Copied!