3. if the typical balance on lucy's credit card is $750 and the interest rate (apr) on her credit card is 16%, how much in interest would you expect lucy to be charged in a typical month?

Answer

$10

Explanation

Issuer of credit cards will charge interest when a person carries a balance beyond the grace period. Every month were a person fails to pay the balance in full, finance charge is added to the balance. In this case, the interest will be;

(16/100)× $750×1/12 =$10

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