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smileyadams smileyadams
  • 25-02-2017
  • Mathematics
Answered

If during a month your average daily credit card balance is $800 and your yearly interest rate is 17%, how much interest do you owe your credit card for that month?


A.$8.55

B.$10.79

C.$11.33

D.$22.76

Verified Answer :

morgaine816
morgaine816 morgaine816
  • 01-03-2017

C $11.33. Take the 17% and divide by 12.  You get 1.42% or so.  Then take 1.42% of 800 and you will get around $11.33 once you take rounding into account.

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