Ask Question
23 May, 03:33

Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9%. If he maintains an average balance of $3,500 owed on the card, how much will have have paid in interest after one year?

+1
Answers (1)
  1. 23 May, 06:43
    0
    Hi there

    First convert the rate into decimal

    19.9/100=0.199

    So interest paid after one year is

    I=3,500*0.199*1year

    I=696.5

    Good luck!
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9%. If he maintains an ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers