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if i had a $2,100 balance on my credit card, with an apr of 10.55%, calculate how much interest i will pay in a year. clearly show your work.

if i had a $2,100 balance on my credit card, with an apr of 10.55%, calculate how-example-1

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Given that the balance on my credit card is $2,100,

The balance is the principal, P i.e


P=\text{\$2,100}

The annula percentage rate, APR, is 10.55%, i.e


R=10.55\text{\%}

The time, T, is 1 year i.e


T=1\text{ year}

To find the interest, I, the formula is


I=\frac{\text{PRT}}{100}

Substitute the values into the formula above


\begin{gathered} I=\frac{\text{PRT}}{100} \\ I=(2100*10.55*1)/(100)=(22155)/(100)=\text{ \$221.55} \\ I=\text{ \$221.55} \end{gathered}

Hence, the interest, I, is $221.55

User Matt Jacobi
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