Question

Mario has a remaining balance of $1,300 on his credit card. His credit card has an APR of 20 percent. How much will he pay in interest in one month

Answer 1

$21.67

Explanation:

good luck :)

Answer 2

A credit card's interest rate is the price one pay for borrowing money. This is called the annual percentage rate (APR).The Interest paid can be calculated by the formula I=PTR ÷ 100

Where P = Principal amount ,R= rate of interest in years.T= time.

P=$1,300 ,R= 20% T= year.

Substituting these values :

I= 1300 x 20 x1 ÷100

I= 260. He will pay an interest of 260÷12= $21.7 per month.