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10-07-2020
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Calculating credit card interest. Ryan Gray, a student at State College, has a balance of $380 on his retail charge card; if the store levies a finance charge of 21 percent per year, how much monthly interest will be added to his account?

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adnansoomro2019 adnansoomro2019

11-07-2020

Answer:

$6.65

Explanation:

Annual Interest = 21%

Monthly Interest = 21%/12 = 1.75%

So the monthly interest that will be added to Ryan's account would be

Monthly Interest = $380 x 1.75%

Monthly Interest = $6.65

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