Question

WENDY HAD A UNPAID BALANCE ON HER VISA CREDIT CARD OF $572,00 IF THE CREDIT CARD COMPANY CHARGES 1.30% MONTHLY ON THE UNPAID BALANCE HOW MUCH INTEREST WILL SHE BE CHARGED FOR IN 1 MONTH?

Answer 1

Given:

The unpaid balance on her credit card is $57200.

The interest rate per month is 1.30%.

To find:

The interest amount.

Step-by-step explanation:

The interest amount is calculated as follows,

`\begin{gathered} Interest=Unpaid\text{ balance}* Interest\text{ rate} \\ =57200*(1.30)/(100) \\ =\text{ \$}743.6 \end{gathered}`

Therefore, the interest amount that needs to be charged for 1 month is $743.6.

Final answer:

The interest amount that needs to be charged for 1 month is $743.6.