Question

7. Kristin uses her credit card to purchase a new television for $363.35. She can pay off up to 5425 per month. The card has an annual rate of 29.9% compounded monthly. How

much she pay in interest? (2 points)
$41.28
$11.52
$24.12
$47.47

Answer 1

Answer: $24.12

Explanation:

You have to being by dividing 5425 by $363.35 in order to find how many months it will take to pay off the television in the first place. Once you've found the amount you will be paying each month you multiply this average number by the 29.9 percent giving you 24.12.