Lenny has a remaining balance on his credit card of $3,000. His credit card has an APR of 20 percent. How much will he pay in interest in one month?

$50.20

$600

$50.00

$6.00

Question

Joel Finley

9 February, 02:44

+4

Answers (1)

Know the Answer?

Perla Meadows · Answer 1

A=p (1+i/m) ^mn

P=3000

i=0.20

M=12

n=1/12

A=3,000 * (1+0.20:12) ^ (12*1/12)

=3,050

Interest earned=3050-3000=50

Lenny has a remaining balance on his credit card of $3,000. His credit card has an APR of 20 percent. How much will he pay in interest in one month?$50.20$600$50.00$6.00