swesley1961 swesley1961

26-02-2020
Mathematics

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You maintain an average of $720 on your credit card which carries a 15% annual interest rate then what is monthly interest payment

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sqdancefan sqdancefan

26-02-2020

Answer:

$9

Step-by-step explanation:

The amount of interest is given by the formula ...

I = Prt

where P is the amount earning interest, r is the annual rate, and t is the number of years. One month is 1/12 of a year.

I = $720(0.15)(1/12) = 9

The monthly interest payment is $9.

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