Respuesta :
The interest paid by my parents on the balance of the credit card is $288.60.
Interest can be described as the cost of borrowing. It is the amount of money that accrues on a loan. Interest increases the cost borrowing. Since the payment was made on 6/1, the parents would not incur additional charges.
Interest = apr x credit card balance
10.5% x 2,748.56
= 0.105 x 2,748.56= $288.60
Here is a complete question: your parents have a credit card with a balance of 2,748.56. the interest rate is 10.5% APR. a late payment fee of 40.00 is added to the principal if they pay after 6/1. they make a payment for 300.00 on 6/1. how much interest did they pay?
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