How Much Interest Would Be Paid on a Credit Card

question 95

Multiple Choice

How much interest would be paid on a credit card at the end of the second 30-day month on a one-year $1,000 loan at a 12.99% annual rate? Assume you pay nothing at the end of the first 30-day month.

• A) $10.92
• B) $108.10
• C) $10.91
• D) $10.80
• E) $109.10

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