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If you carry a balance of $475 this month on a credit card which has an APR of 18% on unpaid balances, how much interest will you pay this month? 1) $71.25 2) $7.13 3) $8.55 4) $85.50

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serynagraham

Answer:

$7.13

Step-by-step explanation:

first you must determine the monthly interest rate.

because you know the yearly interest rate is 18%, you can divide that by 12 to find the monthly interest rate. 18÷12 = 1.5%

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