Question

You got a new credit card and spent $200 on the card last month. You forgot to make the payment on time and were assessed a $40 late fee. What is the late fee as a percentage of your balance?

a) 20%
b) 25%
c) 40%
d) 50%

Answer 1

The answer is A.
10% of 100 = $10
20% of 100 = $20

So:
10% of 200 = $20
20% of 200 = $40

Answer 2

The answer is..............A-20%