Question

you maintain an average balance of $675 on your credit card, which carriers a 24% annual interest rate. The monthly interest payment is

Answer 1

Just find 24% of $675 and you get 162 then add that with the $675 on your credit card equaling $837

Answer 2

To find this, we simply have to multiply the percent by the balance:

0.24(675) = 162

The interest is 162, and you pay 837.