Question

2. Delilah opens a credit card with an APR of 24.38% compounded monthly. How much is charged in interest this month if her balance is $550? (2 points)
$134.09
$45.83
$24.38
$11.17

Answer 1

Answer:

$11.17

Step-by-step explanation:

Delilah's balance this month is... $550

APR is... 24.38% which is 0.2438

How many months are in a year?

12 months

So...

$550 x 0.2438 divided by 12 $11.17

x= money

y= percent of change

m= months in year

c= how much she is charged

x(y)/m=c

money times percent of change divided by the months in one year equal the amount of money Delilah is charged