Question

Marco has a credit with a company which charges 17% interest on any charges not paid at the end of the month. At the end of the first month, Marco paid off $1,410.28 of his 1,630.58 in charges. What is the total interest he will be charged

Answer 1

The total interest he will be charged is $37.45.

Explanation:

Chargers 17% interest on any charges not paid at the end of the month.

Charge of 1,630.58

$1,410.28 paid.

$1,630.58 - $1,410.28 = $220.30 unpaid

So, 17% will be charged the 220.30 unpaid.

0.17*220.30 = 37.45

The total interest he will be charged is $37.45.