Respuesta :
Answer:
$66.07.
Step-by-step explanation:
It has been given that you have a balance of $1678.00 on a credit card with a 15.75% APR.
We will use simple interest formula to solve our problem.
[tex]A=p(1+rT)[/tex]
A= Amount after T years.
P= Principal amount.
r= Annual interest rate (in decimal form)
T= Time in years.
Let us convert our given interest rate in decimal form.
[tex]15.75%=\frac{15.75}{100}=0.1575[/tex]
Let us convert 3 months in years.
[tex]3\text{ months}=\frac{3}{12} \text{ year}=0.25 \text{ year}[/tex]
Now let us substitute our given values in simple interest formula.
[tex]A=1678(1+(0.1575\times 0.25))[/tex]
[tex]A=1678(1+0.039375)[/tex]
[tex]A=1678(1.039375)[/tex]
[tex]A=1744.07125[/tex]
To find the amount of interest we will subtract our principal amount from 1744.07125.
[tex]\text{Amount of interest after 3 months}=1744.07125-1678[/tex]
[tex]\text{Amount of interest after 3 months}=66.07125\approx 66.07[/tex]
Therefore, the amount of interest after 3 months will be $66.07.
