.15/12 = 0.0125
so
0.0125 * 780
The following is gibberish:
1 divided by 1/12 of the annual interest rate.
Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1 divided by 1/12 of the annual interest rate.
You maintain an average balance of $780 on your credit card, which carries a 15% annual interest rate.
The monthly interest payment is $______
1 answer
1 answer