Question

You are paying 11% interest on a credit card balance of $2,000. Which of the following best estimates the interest you are paying each month? a) $11.00 b) $13.33 c) $15.33 d) $18.33

Answer 1

The correct answer is d. I=Prt. Interest=Principle x rate x time. So I = 2000 x .11 x 1/12. This equals $18.33. Hope this helps!