kathleen0407 kathleen0407
  • 01-11-2017
  • Mathematics
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Credit card with30%interest rate for 30 day period

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altavistard
altavistard altavistard
  • 01-11-2017
Wow!  That rate is awful!

30% per year is represented by the decimal fraction 0.30.

Roughly speaking, the interest rate per 30-day month is 30%/12, or 0.30/12, or 0.025.

Thus, the interest payable on this credit card is roughly 0.025 times the amount due.

If you owed $1000, you'd have to pay (0.025)($1000) in interest for that 30 day period.  That'd be $25.
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