How much interest will you have to pay for a credit card balance of 1016$ that is 1 month overdue, if 18% annual rate is charged?
To calculate the interest on a credit card balance, you need to determine the monthly interest rate first.
The annual interest rate is 18%, so the monthly interest rate can be calculated by dividing the annual interest rate by 12 (since there are 12 months in a year).
Monthly interest rate = Annual interest rate / 12 = 18% / 12 = 1.5%
Next, calculate the interest for 1 month overdue by multiplying the credit card balance by the monthly interest rate:
Interest = Credit card balance * Monthly interest rate
Interest = $1016 * 1.5% = $15.24
Therefore, you will have to pay $15.24 in interest for a credit card balance of $1016 that is 1 month overdue with an 18% annual interest rate.
To calculate the interest on a credit card balance, we need to consider the annual interest rate and the length of time the balance has been outstanding.
Step 1: Convert the annual interest rate to a monthly rate.
Since the annual interest rate is 18%, the monthly interest rate can be calculated by dividing it by 12:
18% / 12 = 1.5%
Step 2: Calculate the interest for one month.
Multiply the monthly interest rate by the overdue balance:
1.5% x $1016 = $15.24
Therefore, the interest you will have to pay on a credit card balance of $1016 that is one month overdue, with an annual interest rate of 18%, is $15.24.
To calculate the interest on a credit card balance, you need to determine the monthly interest rate, which can be done by dividing the annual interest rate by 12 (since there are 12 months in a year).
So, for an 18% annual interest rate, the monthly interest rate would be 18% / 12 = 1.5%.
Next, you need to calculate the interest amount. Since the balance is 1 month overdue, the interest will be calculated for a period of 1 month.
To find the interest amount, multiply the balance by the monthly interest rate.
1016$ x 1.5% = 15.24$
Therefore, you will have to pay an interest of 15.24$.