Monthly interest payment is $100.
According to the statement
balance in account = $100
APR = 12%
we use the formula Balance formula to solve this problem.
So, BALANCE * [APR / 12 month] to find monthly interest payment
Here balance is the starting amount in the bank account
And APR is the type of interest rate applied on the amount
And 12 month is the time period for which APR is applicable.
So, substitute the values in it then
Monthly interest payment = 100 * [12/12]
After solving the equation become
Monthly interest payment = 100*1
Monthly interest payment = 100$
So, Monthly interest payment is $100.
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