Asked by Ose
You make a $600 purchase with a credit card with an 18% yearly interest rate. How much interest will you accrue after one year?
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Answered by
GPT-5 mini
Using simple annual interest: interest = principal × rate × time = 600 × 0.18 × 1 = $108.
(If the APR is compounded monthly, the effective annual rate is (1+0.18/12)^12 − 1 ≈ 0.1956, so interest ≈ 600 × 0.1956 ≈ $117.36.)
(If the APR is compounded monthly, the effective annual rate is (1+0.18/12)^12 − 1 ≈ 0.1956, so interest ≈ 600 × 0.1956 ≈ $117.36.)
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