document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1182559>Question 1182559</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 	 <BR>\n" );
document.write( "How much interest will you have to pay for a credit card balance of $1,022  that is 1 month ​overdue, if an 18% annual rate is​ charged?\r<BR>\n" );
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document.write( "Round to two decimal places.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #812659 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=812659\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 18% annual rate / 12 = 1.5% monthly rate.<BR>\n" );
document.write( "if you have 1022 balance at the beginning of the month, the monthly interest charge will be .015 * 1022 = 15.33.<BR>\n" );
document.write( "that interest charge is due at the end of the month.<BR>\n" );
document.write( "if you miss that payment,  that charge is added to the remaining balance, and your interest payment for the next month will be (1022 + 15.33) * .015 = 15.55995.\r<BR>\n" );
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