Question

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​

Answer 1

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