SOLUTION: You maintain an average balance of $840 on your credit card, which carries a 15% annual interest rate. What is the monthly interest payment?

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Question 1001281: You maintain an average balance of $840 on your credit card, which carries a 15% annual interest rate. What is the monthly interest payment?
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
Well 1/12 of 15% is 1.25%.
So then 1.25% of $840 = .0125(840) = $10.50