a bank charges 18.12% interest per year on a credit card account. Jose closed his account and has a balance of $529.84 that he needs to pay off. how much interest will jose pay in the first month of paying off his balance? round to the nearest cent. write your answer using 2 decimal places.

Question

Mathematics

Anne Hanna

9 October, 07:51

a bank charges 18.12% interest per year on a credit card account. Jose closed his account and has a balance of $529.84 that he needs to pay off. how much interest will jose pay in the first month of paying off his balance? round to the nearest cent. write your answer using 2 decimal places.

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Answers (1)

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Jaidyn Figueroa · Answer 1

Answer:I believe it's $8 but check just in case

Step-by-step explanation:It says 18.12% interest is for a year so you have to divide it by 12 to get a month =

.0151

Then you multiply that times the amount he needs to pay off:

$529.84 times 0.151 =

$8

If I'm incorrect than I'm really sorry but I think that's it.