SOLUTION: Delilah opens a credit card with an APR of 24.38% compounded monthly. How much is charged in interest this month if her balance is $550?

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Question 759126: Delilah opens a credit card with an APR of 24.38% compounded monthly. How much is charged in interest this month if her balance is $550?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
24.38% compounded monthly ---> 24.38/12 = 2.031667% monthly interest rate

2.031667% of 550 = 0.02031667*550 = 11.1741685 = 11.17

The amount charged in interest is roughly $11.17