Thomas charged $2,400 on his credit card to buy furniture. The interest rate charged by the credit card company is 24.9%. How much will he pay in interest after one month?

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25-10-2017
Mathematics

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Thomas charged $2,400 on his credit card to buy furniture. The interest rate charged by the credit card company is 24.9%. How much will he pay in interest after one month?

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brandonhoffmanoycm61 brandonhoffmanoycm61 · Answer 1 · 2017-10-25T15:05:24+02:00

i=prt
Interest = principal X rate X time
You are asking for interest so lets fill in all the variables.

i=2400X.249X(1/12)
I used .249 for rate because you convert the interest rate to a decimal.
I used 1/12 for time because you only need 1 month and time is based off of a year. For example, if you wanted to know how much interest after 3 months you would use (3/12)
Now solve.
i=2400X.249X.0833333
i=49.80
Your interest after one month is $49.80