Question

Derrick's dad bought new tires for $900 using a credit card. His card has an

interest rate of 19%. How much interest will he accrue after 4 months?

Answer 1

$57 interest

Explanation:

For an interest rate of 19% ; the monthly interest will be 19/100 = 0.19

4 months interest will be (0.19 * 4)/12 = 0.0633

so now, the value of the interest will be

0.0633 * 900 = $57