In Mathematics: how much interest will you have to pay for a credit card balance of $554 that is one month overdue if a 20% annual rate is charged?

18.62

To calculate the interest on a credit card balance, we need to determine the interest rate for the overdue period. Since the interest rate is given as an annual rate, we first need to find the monthly interest rate.

Step 1: Compute the monthly interest rate:
Divide the annual interest rate by 12 (the number of months in a year).
Monthly interest rate = (20% annual rate) / 12
= 0.20 / 12
= 0.0167

Step 2: Calculate the interest for one month:
Multiply the monthly interest rate by the credit card balance.
Interest for one month = (0.0167) x ($554)
= $9.25 (rounded to the nearest cent)

Therefore, the interest you will have to pay for a credit card balance of $554 that is one month overdue, with a 20% annual rate, is approximately $9.25.

To calculate the interest on a credit card balance, you need to determine the annual interest rate, the time period for which it is calculated, and the outstanding balance.

In this case, the annual interest rate is 20%. To find the monthly interest rate, divide the annual rate by 12 (since there are 12 months in a year).

Monthly interest rate = Annual interest rate / 12
= 20% / 12
= 0.20 / 12
= 0.0167

Next, find the interest for the one month period by multiplying the monthly interest rate by the outstanding balance.

Interest for one month = Monthly interest rate * Credit card balance
= 0.0167 * $554
≈ $9.28

Therefore, if you have a credit card balance of $554 that is one month overdue and a 20% annual interest rate is charged, you will have to pay approximately $9.28 in interest.

0.2/12 = 0.01666666 interest rate per month

554 * 0.0166666 = 9.2332964
554 + 9.23 = 563.23

563.23 * 0.01666666 = 9.39

9.39 + 9.23 = ? interest charges