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3. If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in interest would you expect Lucy to be charged in a typical month?

Respuesta :

markaylahodges
Lucy will be charged about $10.00
lucic

Answer

$10

Explanation

Issuer of credit cards will charge interest when a person carries a balance beyond the grace period. Every month were a person fails to pay the balance in full, finance charge is added to the balance. In this case, the interest will be;

(16/100)× $750×1/12 =$10


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