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24 May, 23:05

Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9%. If he maintains an average balance of $3,500 owed on the card, how much will have have paid in interest after one year?

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  1. 25 May, 00:01
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    Hi there

    First convert the rate into decimal

    19.9/100=0.199

    So interest paid after one year is

    I=3,500*0.199*1year

    I=696.5

    Good luck!
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Home » Mathematics » Marty uses a credit card for only necessary purchases. The interest rate charged by the credit card company is 19.9%. If he maintains an average balance of $3,500 owed on the card, how much will have have paid in interest after one year?
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