find the monthly interest payment in the situation described below the song that the monthly interest rate is 1/12 of the annual

Question

Alex787 [66]

4 years ago

13

find the monthly interest payment in the situation described below the song that the monthly interest rate is 1/12 of the annual

interest rate you have a average balance of 1,000.00 on your credit card and it carries a 18% annual interest rate

Mathematics

1 answer:

netineya [11] · Answer 1 · 2022-01-25T20:55:33+03:00

netineya [11]4 years ago

8 0

Answer: Your average monthly interest rate is0.18/12 = 0.015. So your average monthly interest is0.015×$850 = $12.75. Then the annual interest payments would be 12×$12.75 = $153