Question

You have a balance of $15,300 on your credit card with an 18% interest rate (1.5% per month). You pay $200 this month. Did your balance go up or down? a) Up b) Down c) Can't tell Submit

Answer 1

1.5% * $15,300 = $229.50
If you only paid $200, your balance increases by $29.50, selection A.