Question

Please help, due in 3 minutes Skylar still owes $550 oh her cresit card from the previous month. Her annual interest rate is 18%. Approximately how much should the interest charges Be when she gets the bill

Answer 1

$8.25

Step-by-step explanation:

If she gets the bill each month, we need to calculate the monthly interest rate as follows

18%/12 = 1.5%

Because 18% is the annual rate and a year has 12 months.

Then, the interest charge will be 1.5% of the amount, so

$550 x 1.5% = $550 x 1.5 / 100 = $8.25

Therefore, the interest will be $8.25