Sarah has a credit card balance of $2000. the credit card company charges 11% per annum simple interest. what is the interest charge on sarah's credit card after 1 month?
The interest charge would be $18.33. 11% of $2000 Is $220. $220 Is your total value of interest each year. Divide this by 12 (months per calender year) to get your interest charge for 1 month.
