The time allotted is 36 months (3 years) with a monthly payment of $32, APR given to Mac is 20.2%. The maximum limit for Mac's initial purchase he can buy on credit will be less than $700.
( APR $20.2 × monthly pay $32 = 646.40) on rounding off the limit amount will be $700.
The interest rate on a credit card represents the cost of borrowing money. The interest rates on credit cards are often given as an annual percentage. The yearly percentage rate is what we use for this (APR).
If you settle your balance each month in full by the due date, you can escape interest payable on purchases on the majority of credit cards
.Learn more about APR here:
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