Answer:
$16.583
Step-by-step explanation:
Given :Your friend, Isabel, has a credit card with an APR of 19.9%!
To Find : How many dollars would she pay as a finance charge for just 1 month on a $1000 charge?
Solution:
We are given that finance charge for just 1 month on a $1000 charge.
So, Finance charge = [tex]\frac{19.9\% \times 1000}{12}[/tex]
Finance charge = [tex]\frac{\frac{199}{1000}\times 1000}{12}[/tex]
Finance charge = [tex]\frac{199\times 1000}{12}[/tex]
Finance charge = [tex]16.583[/tex]
Hence she pay $16.583 as a finance charge for just 1 month on a $1000 charge.
