Question

Briley opens a credit card with an APR of 13.99%. How much is charged in interest this month if her balance is $2500?

$349.75
$13.99
$23.32
$29.15

Answer 1

To answer the question above, let us first analyze the problem.
If the APR is 13.99%,
then the monthly rate would be 1.1658333 % ( 13.99/12 )
A balance of $2500.00 would then costs:
2500 * (1.1658333/100 ) = $ 29.1458 or $29.15

You can also write this as:
2500 * 0.01165833 = $29.15
I hope my answer helped you