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Debbie opens a credit card with an APR of 12.17% compounded monthly. How much is charged in interest this month if her balance is $950? Can someone help me through this? or at least give me the right formula
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Debbie opens a credit card with an APR of 12.17% compounded monthly. How much is charged in interest this month if her balance is $950?

Can someone help me through this? or at least give me the right formula and I can see if I can get it on my own

User Franck Jeannin
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you'll need to find the effective monthly rate, and then times that by $950 to see how much is charged in interest each month
Effective monthly rate=(1+APR)^1/12)-1
User Alexei Sosin
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