William opens a credit card with an APR of 18.63% compounded monthly. How much is charged in interest this month if his balance is $835?

gasavasiv

gasavasiv

Answered question

2022-10-24

William opens a credit card with an APR of 18.63% compounded monthly. How much is charged in interest this month if his balance is $835?

Answer & Explanation

Tirioliwo

Tirioliwo

Beginner2022-10-25Added 12 answers

I = P ( 1 + r 100 ) n - P
P = $ 835 , n = 1 m t h , r = ( 18.63 12 ) % p m
I = 835 ( 1 + 0.015525 ) 1 - 835 = $ 12.96

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