Question

Asked Feb 7, 2020

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Ken wants a $1000 TV/sound system. He can't afford that amount so he uses his credit card with 20% annual interest. If he only pays interest each month and that credit card debt about how much will he pay in interest in 4 years?

Step 1

First of all, consider the SI formula for the calculation of the interest monthly.

Principal amount = $ 1000

Rate of interest = 20%

Time = 4 years

Step 2

Now, calculate the rate of interest and time for the monthly payment of the interest.

**Divide the rate of interest by 12 to calculate the rate of interest monthly.**

**Multiply the time by 12 to calculate the time in months.**

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