MATH SOLVE

5 months ago

Q:
# You have a credit card with a balance of $1,758.64. The interest is 12.75% APR. A late payment fee of $35.00 is added to the principal if you pay after the first month due date of 12/20. You make aA.$211.48B.$224.23C.$18.69D.$17.62

Accepted Solution

A:

Answer:Total balance in Credit Card = $ 1758.64Interest = 12.75 % APRSo, Amount paid as interest before [tex]\frac{12}{20}[/tex] = 1758.64 × [tex]\frac{12.75}{100}[/tex]= [tex]\frac{22422.66}{100}[/tex]= $224.227 (approx)If i pay after due date , then total amount in my credit card = $ 1758.64 + $ 35=$1793.64Then Amount paid as interest = 1793.64 [tex]\times\frac{12.75}{100}[/tex] = 22868.91 ÷ 100 = 228. 69 (Approx)If Interest is charged monthly then interest charged = [tex]\frac{224.23}{12}[/tex] = $ 18.68(approx) →→MonthlyOption B→→ $ 224.23 →→Yearly