Question

Manuel has a remaining balance of $563 on his credit card. his credit card company has an apr of 15 percent. how much will manuel pay in interest for one month? $7.04 $84.50 $15 $1.25

Answer 1

it might be $7.04??????

Answer 2

$7.04

Step-by-step explanation:

As the annual percentage rate (APR) is 15%, you will have to divide this number by 12 to get the monthly rate:

15%/12= 1,25%

Now, you have to multiply the balance on the credit card for the monthly rate to get the amount that Manuel will have to pay in interest for one month:

$563*1,25%= $7.04