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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?

Verified Answer :

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:  Andy will pay $12.675 in interest for one interest

Step-by-step 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

\(\frac{18}{12}=1.5\%\)

Interest will be paid for one month is given as

\(\frac{1.5}{100}\times 845\\\\=\frac{1267.5}{100}\\\\=\$12.675\)

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


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