Based on the information given, we can calculate the interest accrued in the first month for the credit card with a balance of $1,675.00 at a 9.75% APR.
Interest = Principal * Rate * Time
In this case, Principal = $1,675.00 and Rate = 9.75%. Since the time period is not specified, we assume it is one month.
Interest = $1,675.00 * 9.75% * 1
Converting the APR to a decimal, we get:
Interest = $1,675.00 * 0.0975 * 1 = $162.52
Therefore, the interest accrued in the first month for the first credit card is $162.52.
None of the given answer choices match this amount, so it seems there may be an error.
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
1 answer
1 answer