You have a balance of $400 on a credit card with a monthly interest rate of 1.75%. How much interest will be charged when it is time for you to make your first payment on that balance? $__
To calculate the interest charged on the balance of $400 with a monthly interest rate of 1.75%, you can use the following formula:
Interest = Principal amount * Monthly interest rate
Interest = $400 * 1.75% = $400 * 0.0175 = $7
Therefore, the interest charged on the balance of $400 would be $7.