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10 August, 02:22

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

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  1. 10 August, 02:45
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    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
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