Question

A company charges 15% interest at the end of each month for any amount owed on a credit card. How much interest will a person have to pay if their balance is $300.00?​

Answer 1

If the person has a balance of $300.00 on their credit card, they will have to pay 15% interest at the end of the month.

To calculate the amount of interest, we can multiply the balance by the interest rate expressed as a decimal:

$300.00 x 0.15 = $45.00

Therefore, the person will have to pay $45.00 in interest at the end of the month.