Assume That Louisa Carried an Average Balance of $1,000 From Her Credit Card Purchases Over the Past Year...Answer Revealed
Assume That Louisa Carried an Average Balance of $1,000 From Her Credit Card Purchases Over the Past Year. The A.P.R. On Her Credit Card for the Past Year Was 19.99%. Approximately How Much Interest Would Louisa Have Paid Over the Course of the Year? the answer is she would have paid interest charges of $200.
by Niranjani
Updated Oct 20, 2023
Assume That Louisa Carried an Average Balance of $1,000 From Her Credit Card Purchases Over the Past Year. The A.P.R. On Her Credit Card for the Past Year Was 19.99%. Approximately How Much Interest Would Louisa Have Paid Over the Course of the Year?
A) She would have paid interest charges of $2,000.
B) She would have paid interest charges of $20.
C) The credit card company would have paid Louisa $20.
D) She would have paid interest charges of $200.
The correct answer is option D. She would have paid interest charges of $200
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Assume That Louisa Carried an Average Balance of $1,000 From Her Credit Card Purchases Over the Past Year - FAQ
1. Assume That Louisa Carried an Average Balance of $1,000 From Her Credit Card Purchases Over the Past Year. The A.P.R. On Her Credit Card for the Past Year Was 19.99%. Approximately How Much Interest Would Louisa Have Paid Over the Course of the Year?
The correct answer is - She would have paid interest charges of $200.