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Assume that louisa carried an average balance of $1,000 from her credit card purchases over the past year. the a.p.r. on her credit card for the past year was 19.99%. approximately how much interest would louisa have paid over the course of the year?

Respuesta :

The approximate amount of interest that louisa would have paid over the course of the year is; $200.

How to Calculate Simple Interest?

The amount of interest accrued in simple interest is given by the formula:

E = P*i*t

Where;

P is the balance.

i is the interest rate.

t is the time.

We are given;

Balance; P = $1,000, hence

APR of 19.99% and so i = 0.1999

time; t = 1 year.

Thus, the amount she will pay is:

E = 1000 * 0.1999 * 1

E = $199.9

Approximating to a whole number gives;

E = $200

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