web2.0calc
 
+0  
 

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

0
1509
1
avatar

Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1 divided by 1/12 of the annual interest rate. You maintain an average balance of ​$600 on your credit​ card, which carries anan 18​% annual interest rate.

 Mar 4, 2017

1+0 Answers

 #1
avatar+4 
0

To find the monthly interest payment you first divide the 18% annual interest rate by 12 to get a monthly rate of 1.5%. Then you multiply your average balance of $600 by 0.015 to calculate the final amount. The resulting monthly interest payment is $9

 Mar 30, 2026

0 Online Users

Top Users

avatar+130577 CPhill moderator
avatar+37200 ElectricPavlov
avatar+3147 admin administrator
avatar+2868 Bosco
avatar+2741 LiIIiam0216
avatar+2669 BuilderBoi
avatar+1944 tomtom
avatar+1863 ABJeIIy
avatar+1844 blackpanther
avatar+1757 parmen
avatar+1661 kittykat

Sticky Topics