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8 February, 06:34

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. what are your fees plus interest for the month?

a. $40

b. $45

c. $65

d. $85

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Answers (1)
  1. 8 February, 08:44
    0
    Option (d) $85

    Explanation:

    Data provided in the question:

    Balance on the credit card = $4,500

    Annual Interest rate = 12%

    interest rate per month = 1%

    Late payment fees = $40

    Now,

    Total interest charged on the balance for the month = 1% of $4,500

    = 0.01 * $4,500

    = $45

    Therefore,

    The total fees plus interest for the month

    = $45 + $40

    = $85

    Hence,

    Option (d) $85
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