QuestionAugust 27, 2025

Yoshi is a college student. He has a credit card balance of 2,700.00 The APR for his credit card is minimum payment is 54.00 (round to the nearest dollar, do not use commas or dollar signs in the answers) How much of what he pays will be interest? square

Yoshi is a college student. He has a credit card balance of 2,700.00 The APR for his credit card is minimum payment is 54.00 (round to the nearest dollar, do not use commas or dollar signs in the answers) How much of what he pays will be interest? square
Yoshi is a college student. He has a credit card balance of 2,700.00 The APR for
his credit card is minimum payment is 54.00 (round to the
nearest dollar, do not use commas or dollar signs in the answers)
How much of what he pays will be interest?
square

Solution
4.0(327 votes)

Answer

34 Explanation 1. Calculate Monthly Interest Rate Convert APR to monthly rate: 14.9\% annually is \frac{14.9}{12} = 1.2417\% per month. 2. Calculate Monthly Interest Payment Multiply balance by monthly interest rate: 2700 \times 0.012417 = 33.53.

Explanation

1. Calculate Monthly Interest Rate<br /> Convert APR to monthly rate: $14.9\%$ annually is $\frac{14.9}{12} = 1.2417\%$ per month.<br />2. Calculate Monthly Interest Payment<br /> Multiply balance by monthly interest rate: $2700 \times 0.012417 = 33.53$.
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