what is the monthly interest payment for an account with a balance of $100.00 and an a.p.r. of 18%? $? round…

Explanation:

Step1: Convert APR to monthly rate

The annual - percentage - rate (APR) is 18% or 0.18 in decimal form. To get the monthly interest rate $r$, divide the APR by 12. So $r=\frac{0.18}{12}=0.015$.

Step2: Calculate monthly interest payment

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the interest rate, and $t$ is the time. Here, $P = 100$, $r=0.015$, and $t = 1$ (since we are calculating for 1 month). So $I=100\times0.015\times1 = 1.5$.

Answer:

$1.50$