Question

After making a payment, a person is left with a credit card balance of $315. How much interest will be charged after 18 months if the interest rate is 1.5% per year? *

Answer 1

18months = 1.5years

Therefore,

$Interest= {principal × rate × time \over 100}$

$={315 ×1.5×1.5 \over 100}$

=$7.09