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26 June, 01:59

3. If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in interest would you expect Lucy to be charged in a typical month?

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  1. 26 June, 05:21
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    Lucy will be charged about $10.00
  2. 26 June, 05:23
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    To find the interest charged in a typical month we need to multiply the typical balance by the interest she has to pay, in this case 16%. 750*16% remember that you can express any percentage as a fraction dividing the percentage by 100%, therefore 16% = 16%/100% which is 16/100. Now we can rewrite our original multiplication as 750 * (16/100) = 120. We conclude that Lucy has to pay in a typical month $120 in interest.
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Home » Computers & Technology » 3. If the typical balance on Lucy's credit card is $750 and the interest rate (APR) on her credit card is 16%, how much in interest would you expect Lucy to be charged in a typical month?
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