If your credit card balance is $650 and the interest rate is 12% APR, then the credit card...

Question:

If your credit card balance is $650 and the interest rate is 12% APR, then the credit card interest charge is Group of answer choices

A. $0.65

B. $65

C. $8.25

D. $6.50

Credit Card:

A credit card is a type of a revolving account that allows the borrower to pay off the debt by several payments. The interest rate on a credit card will be usually higher than other types of loans.

Answer and Explanation:

The answer is D.

Calculate the finance charge:

{eq}Finance\:Charge=\displaystyle $650\times\frac{12\%}{12} = $6.5 {/eq}


Learn more about this topic:

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