A 1,000 purchase left unpaid for one month at 1.5 percent is billed in…

Question

A 1,000 purchase left unpaid for one month at 1.5 percent is billed interest of:

Accepted Answer

C. 15

1. Multiply the balance by the monthly rate.
2. 1,000 times 0.015 gives fifteen.
3. The card bills 15 in interest.
_Source: OpenStax Principles of Finance 2e, Chapter 8, Time Value of Money II._

Answer

25

Answer

50

Answer

10

A 1,000 purchase left unpaid for one month at 1.5 percent is billed interest of:

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