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23 April, 07:47

Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1/12 of the annual interest rate.

You maintain an average balance of $850 on your credit card, which carries an 18 % annual interest rate.

WHat is the monthly interest payment?

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  1. 23 April, 09:49
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    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
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