Find the Monthly Interest Payments in the Situation Described

question 175

Multiple Choice

Find the monthly interest payments in the situation described. Assume that monthly interest rates are 1/12 of annualinterest rates.
-Ashton maintains an average balance of $1300 on his credit card which carries an annual interest rate of 24%.

• A)$3120
• B)$312
• C)$260
• D)$26

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Definitions:

Tort

A wrongful act or an infringement of a right (other than under contract) leading to legal liability.

Battery

A criminal offense involving unlawful physical contact or force applied to another person without their consent.

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Illustrated visual art forms, often humorous or satirical, that are presented in various media platforms like newspapers, television, or the Internet.