Question

this table can be used to organize gigis credit card balances and payments over 6 months. the annual percentage rate on the credit card is 14%.
gigis credit card payments

month	balance	payment	interest rate	interest charged
2	$354.08	$50	0.01167
3	$307.63	$50	0.01167
4	$260.64	$50	0.01167
5	$213.10	$50	0.01167
6	$165	$50	0.01167

what is the amount of interest charged for the first 6 months?
$

Explanation:

Step1: Calculate Interest for Month 2

Interest = Balance × Interest Rate = $354.08 × 0.01167 ≈ $4.13

Step2: Calculate Interest for Month 3

Interest = $307.63 × 0.01167 ≈ $3.59

Step3: Calculate Interest for Month 4

Interest = $260.64 × 0.01167 ≈ $3.04

Step4: Calculate Interest for Month 5

Interest = $213.10 × 0.01167 ≈ $2.49

Step5: Calculate Interest for Month 6

Interest = $165 × 0.01167 ≈ $1.92

Step6: Sum All Interests

Total Interest = 4.08 + 4.13 + 3.59 + 3.04 + 2.49 + 1.92 = $19.25

Answer:

$19.25