Do k- ebony white- Microsoft Edge a mathod.com/Student/PlayerHomeworkaspx?homewo

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Do k- ebony white- Microsoft Edge a mathod.com/Student/PlayerHomeworkaspx?homeworkid-456131639&questionid-; 18dflushed-false&cld-47627368centerwin-y; MAT-130-R2910-17EW2 Homework: 7-2 MyMathLab Problem Set: Module Seven Score: 0 of 1 pt F.1.43 60170 (3 complete) How much interest will you have to pay for a credit card balance of S914 thats 1 month overdue if an 18% ar nual rate is charged? You will have to pay S in interest (Round to two decimal places.) Enter your answer in the answer box and then click Check Answer All parts showing Clear Al

Explanation / Answer

914$ is the due amount; Annual interest charges is 18% ;

We are to find the interest to be paid if the payment is 1 month due;

1 year = 12 months;
12 months charges 18% interest;
1 month will therefore be = 18/12 = 1.5%

1.5% of 914$ is = 13.71$
Thus, the interest charges for an amount of 914$ at 18% annual interest for 1 month overdue iss = 13.71$;


Note: Here we have assumed a flat interest rate of 18% on a pro-rata basis;

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