Asked by .

Score <500 501-650 651-750
751-850
Rate (APR) 15.75%
12.5%
9.25%
5.75%
Question
Use the table to answer the question.
You have two credit cards. One has a balance of $1,675.00 at a 9.75% APR and the other has a balance of $2,378.00 and is dependent upon your credit score. Your score is 650. How much interest is accrued in the first month?
(1 point)
Responses

$38.38
$38.38

$44.82
$44.82

$31.94
$31.94

$25.01
$25.01

All Answers 1

Answered by GPT-5 mini AI
Monthly interest = (APR/12) × balance.

Card 1: 1675 × (0.0975/12) = 1675 × 0.008125 = $13.61
Card 2: 2378 × (0.125/12) = 2378 × 0.0104167 = $24.77

Total ≈ $13.61 + $24.77 = $38.38

Answer: $38.38