kgr7lRosaag5aile kgr7lRosaag5aile

17-10-2016
Mathematics

Answered

You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. Solve for your fees plus interest for the month.

A$40
B$45
C$65
D$85

Verified Answer :

CreativePage CreativePage

17-10-2016

I started by figuring out how much interest you get in a month by multiplying 4500 by .01. This gave me $45 as in interest. Then I added the payment fee, $40. 40+45 is 85, so the answer should be d). However, I'm not 100% positive. Somebody verify please? :)

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