At the Penalty Apr Rate of 28.99% and a Balance of About $1800, Approximately How Much Interest Would You Owe in One Month?
At a penalty APR rate of 28.99% and a $1,800 balance, you would owe approximately $40 in interest in one month.
by Sai V
Published Oct 26, 2023 | Updated Oct 26, 2023 | ๐ 1 min read
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At the Penalty Apr Rate of 28.99% and a Balance of About $1800, Approximately How Much Interest Would You Owe in One Month?
At the penalty APR rate of 28.99% and a balance around $1,800, the estimated monthly interest owed is approximately $40.00. This approximation is derived from dividing the yearly APR by 12 to find the monthly rate, then applying it to the balance. While the exact calculation yields $43.56, the practical approximation is $40.00 for simplicity. This means in one month, considering this scenario, you would likely owe about $40.00 in interest.
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