Question

you have a balance of $4,500 on your credit card. the interest rate is 12% (1% per month). the late payment fee is $40. you miss a payment. what are your fees plus interest for the month? a)$40 b)$45 c)$65 d)$85

Answer 1

D 85 Dollars :)

1 of 4500=0.1

0.01 times 4500=45

You then add the fee's, in this case you have 1 late fee.

Then, Add them up.

45+40=85

So, therefore your answer is D, I hope this helps :)