Question

andy has a remaining balance of $845 on his credit card. his credit card company has an apr of 18 percent. how much will andy pay in interest for one month?

Answer 1

ok if the apr is 18 percent and there is 12 months in a year the monthly interest rate would be 1.5%.

1.5% of 845 is 12.675

Answer 2

Answer: Andy will pay $12.675 in interest for one interest

Explanation:

Since we have given that

Remaining balance of Andy on his credit card = $845

APR of his credit card = 18%

So, Rate of interest for one month will be

`(18)/(12)=1.5\%`

Interest will be paid for one month is given as

`(1.5)/(100)* 845\\\\=(1267.5)/(100)\\\\=\$12.675`

Hence, Andy will pay $12.675 in interest for one interest .