Question

If the interest rate on a charge card is 1.25% on the unpaid balance and your unpaid balance this month is $312, how much interest will you pay this month?

P.S. The answer is 53.90, I dont know how though.

Answer 1

The answer is not $53.90.

If your unpaid balance is $312 at a 17.27% interest rate, your answer would be $53.90