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At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?

Sagot :

Answer: $40

Explanation:

Parrainidn

Based on the penalty APR and the balance, the amount of interest that will be owed in a month is $40.00

The APR of 28.99% is the yearly interest. To find the monthly rate:

= Rate / 12 months

= 28.99% / 12

= 2.42%

The amount owed is therefore;

= 1,800 x 2.42%

= $43.56

= $40.00 approximately

In conclusion, as per the options, the approximate interest owed is $40.00

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