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This table can be used to organize Raj’s credit card balances and payments over 6 months. The annual percentage rate on the card is 18%.
Raj’s Credit Card Payments
(Month) (Balance) (Payment) (Interest Rate) (Interest Charged)
1 $500 $100 0.015 $6.00
2 - $50 0.015 -
3 - $50 0.015 -
4 - $50 0.015 -
5 - $50 0.015 -
6 - $50 0.015 -

What is the amount of total interest charged for the first 6 months?

Respuesta :

gm0309025

Answer:

The answer is indeed 25.90

Step-by-step explanation:

This answer is correct on E D G E N U I T Y 2020

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The amount of total interest charged for the first 6 months on the credit card Raj is $24.75.

What is annual percentage rate?

The annual percentage rate is the total cost in percentage form which is paid per year on the loan or credit amount.

The table is used to organize Raj’s credit card balances and payments over 6 months. The annual percentage rate on the card is 18%.

First the amount was $500 in which $100 is paid back on which the interest charged is $6. For further months from month 1 to 6 is,

I=0.015(400+350+300+250+200+150)

I=24.75

Thus, the amount of total interest charged for the first 6 months on the credit card Raj is $24.75.



Learn more about the annual percentage rate here;

https://brainly.com/question/2772156

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