At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month? $40
$30
$100
$60​

approximately $40

Explanation:

The Penalty APR is how much you would have to pay in interest at the end of the year. Therefore, we would need to first divide this percentage by the 12 months in the year to find out the percentage of interest for the month.

28.99 / 12 = 2.4158%

Now we can divide this monthly percentage by 100 to get the decimal value

2.4158 / 100 = 0.024158

Finally, we multiply this decimal by the current balance in order to calculate the interest for next month.

1800 * 0.024158 = 43.48

We can see now that you would owe a total of $43.48 next month, or approximately $40

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