SOLUTION: You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for th
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Question 957294: You have a balance of $4,500 on your credit card. The interest rate is 12% (1% per month). The late payment fee is $40. You miss a payment. What are your fees plus interest for the month?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
1% of 4500 = 0.01*4500 = 45
Add on a late fee: 45+40 = 85
Question: What are your fees plus interest for the month?
Answer: $85
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