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 $600 on your credit c...
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
$600 on your credit card, which carries a 24% annual interest rate. The monthly interest payment is __________.
(Type an integer or a decimal.)
Homework Answers
Monthly Interest Payment = 1/12(Balance)(Interest Rate)
Monthly Interest Payment = 600(0.24)/12
Monthly Interest Payment = $12
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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 $600 on your credit c...
Question Help Find the monthly interest payment in the situation below. Assume that monthly interest rates...
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Question Help Find the monthly interest payment in the situation below. Assume that monthly interest rates are 1 of annual interest rates Vic bought a new plasma TV for $1800. He made a down payment of $500 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 4% interest per month on the balance (while he watches his TV) What is Vic's monthly interest payment? (Round to the nearest...
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