A credit card charges an annual interest rate of 23.5%
Amount borrowed = $200
to find the interest for the given time we have to apply the formula Interest = Amount borrowed * percentage* given time / 100
By applying formula we get our interest for three months = 200 * 23.5*025/100 = $11.75
(Ans)
( we have written here 0.25 as interest was calculated for three months and one year has twelve months so 3/12 =0.25)
