Respuesta :
Answer:
The monthly interest payment would be $ 9
Step-by-step explanation:
Given,
The average balance of the credit card = $ 450,
Annual rate of interest = 24%,
∵ Monthly interest rate is 1/12 of the annual interest rate,
Thus, the monthly interest rate = [tex]\frac{1}{12}\text{ of }24\%[/tex]
[tex]=2\%[/tex]
Hence, the monthly interest payment = 2% of credit card balance
= 2% of 450
[tex]=\frac{2\times 450}{100}[/tex]
[tex]=\frac{90}{10}[/tex]
= $ 9
