Calculate the cost to you,per month in interest,if your income last month was $2,000,expenses were $2,500,and your shortage was covered on a credit card charging 24% per year simple interest for cash advances?
A)$5
B)$7
C)$9
D)$10

Question

Quizplus · Accepted Answer

The shortage amount is $500 ($2,500 expenses - $2,000 income). The annual interest on this amount at 24% is $120 ($500 * 24%). The monthly interest cost is $10 ($120 / 12 months).

Calculate the Cost to You,per Month in Interest,if Your Income