Question

Bank card is charging 1.4% monthly interest on credit card charges. If you charged a $175 pair of running shoes on the card and did not pay it off this month, what would be the interest for the shoe charge? $2.45 $245 $4.90 $24.50

Answer 1

24.50 would be the interest for the shoe charge

Answer 2

Option A : the interest for the shoe charge is $2.45.

Explanation:

As given, Bank card is charging 1.4% monthly interest on credit card charges.

This amount is charged on $175.

We have the interest value as :

`0.014*175=2.45` dollars

Hence, the interest for the shoe charge is $2.45.