An article in Consumer Reports mentioned that with a good pa

An article in Consumer Reports mentioned that with a good payment history you could be paying only 9% to 12% on credit cards. With a $560 charge, what would be the interest amount at 9% and 12% for 1 month?

Solution

for 9 percent the interest is 50.4 for 12 percent the interest is 67.2

the formula is p.t.r/100

here p=560

t=1

r=9 or12