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  • 25-03-2017
  • Mathematics
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Lenny has a remaining balance on his credit card of $3,000. His credit card has an APR of 20 percent. How much will he pay in interest in one month?
$50.20
$600
$50.00
$6.00

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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 25-03-2017
A=p(1+i/m)^mn
P=3000
i=0.20
M=12
n=1/12
A=3,000×(1+0.20÷12)^(12*1/12)
=3,050
Interest earned=3050-3000=50
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