To calculate the interest Rick had to pay for the month, we multiply the balance by the monthly finance charge rate:
Interest = $156.40 * 1.8% = $156.40 * 0.018 = $2.81
Therefore, Rick had to pay $2.81 in interest for the month.
Rick had a balance of $156.40 on his department store charge account.
How much interest did he have to pay for the month if the rate was 1.8%
per month finance charge?
1 answer
1 answer