QuestionMay 19, 2026

If a mechanic uses his credit card to pay for a compressor that costs 477.95 and does not pay on it until the second month, what will the 1.5% monthly interest charge be at the end of the first month? (1 point) 7.17 12.83 15.43 22.06

If a mechanic uses his credit card to pay for a compressor that costs 477.95 and does not pay on it until the second month, what will the 1.5% monthly interest charge be at the end of the first month? (1 point) 7.17 12.83 15.43 22.06
If a mechanic uses his credit card to pay for a compressor that costs 477.95 and does not pay on it until the second
month, what will the 1.5%  monthly interest charge be at the end of the first month?
(1 point)
 7.17
 12.83
 15.43
 22.06

Solution
4.5(205 votes)

Answer

\ 7.17 Explanation 1. Identify interest formula Monthly interest = principal × monthly interest rate. **Formula:** I = P \times r 2. Apply values P = 477.95, r = 0.015. I = 477.95 \times 0.015 = 7.16925 3. Round to cents I \approx 7.17.

Explanation

1. Identify interest formula <br /> Monthly interest = principal × monthly interest rate. <br />**Formula:** $I = P \times r$ <br /><br />2. Apply values <br /> $P = 477.95$, $r = 0.015$. <br />$ I = 477.95 \times 0.015 = 7.16925$ <br /><br />3. Round to cents <br /> $I \approx 7.17$.
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