Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1/12 of the annual interest rate.   You maintain an average balance of ​$500 on your credit​ card, which carries an 18​% annual interest rate.

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is
1/12
of the annual interest rate.
 
You maintain an average balance of
​$500
on your credit​ card, which carries
an
18​%
annual interest rate.
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