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If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in interest would you expect Lucy to be charged in a typical month
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If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in interest would you expect Lucy to be charged in a typical month

User Marek Tihkan
by
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1 Answer

5 votes
Total interest (C) = Balance*APR*n/y

Where, Balance = $750, n=1 month, and y = 12 months

therefore, C= 750*0.16*1/12 = $10
User Yue Harriet Huang
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