unknown question

[Guest]

ok the question goes like this:
A credit card company charges 1 3/4% of the outstanding balance each month.How much would the company charge on a balance of $860. I understand what the questions means somewhat but i dont understand how to solve it to fine my answer please help, thanks amy

 

[stapel]

The question is asking for 1.75% of $860. On which part are you stuck? Converting the interest rate to its decimal form? Or doing the multiplication?

Eliz.

 

[Guest]

honestly both

ok i know how you got 1.75% i knew that but i dont know how to start the question do u know what i mean im just stuck confused

 

[tkhunny]

You haven't yet converted the interest rate to it's decimal form. Go the rest of the way.

1 3/4 % = 1.75% = 0.0175

Interest on $860: $860*0.0175 = $15.05

 

[Guest]

ok

so that would be the answer then 15.05, ok i understand how u got that