Answer:
$6.65 is the total interest that will be added to ruby 's account
Step-by-step explanation:
As
Balance on retail charge card = $380
Finance charge/ interest rate annually= 21%
So
To find out how much interest will be added to rubby's account we will use following formula
[tex]\frac{intrest \,rate }{number\, of \,payments} \times loan\, principle = intrest[/tex]
no of installments will be 12 as interest is calculated annually
putting values in formula to calculate interest
[tex]interest = \frac{0.21}{12} \times 380\\= 0.0175\times 380\\=6.65[/tex]
so $6.65 is the total interest that will be added to ruby 's account
Keywords: calculating interest
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