SOLUTION: Mike has a credit card balance of $1500. The credit card company charges 7% per annum simple interest. What is the interest charge on Mike�s credit card after 1 month?

Question 565898: Mike has a credit card balance of $1500. The credit card company charges 7% per annum simple interest. What is the interest charge on Mike�s credit card after 1 month?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Mike has a credit card balance of $1500. The credit card company charges 7% per annum simple interest. What is the interest charge on Mike�s credit card after 1 month?
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I = Prt
Interest = 1500*0.07(1/12) = $8.75
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Cheers,
Stan H.
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