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

As we know that
I=Prt
simply putting the values
I=2000*.11*1/12
=220*1/12
=18.33
so correct option is D
hope it helps

Answer 2

$2,000 * 0.11 = $220 ( for a year )
Each month: 220 : 12 = $18.3333
Answer: A ) $18.33