You just obtained a credit card. You immediately purchase a digital camera for $160. Your credit limit is $4000. Let’s assume that you make no payments and purchase nothing more and there are no other fees. The monthly interest rate is 1.42%.

Every month your balance includes the original amount (100%) and the added the monthly interest (1.42%). So each month the balance will be 101.42% of the prior month's balance. Move the decimal point two places to the left to make that into a decimal. 

b. 1.0142

Rate answer
Wrong answer?

If your question is not fully disclosed, then try using the search on the site and find other answers on the subject Mathematics.

Find another answers

Load image