📅 2026-03-09
Daily Math Challenge
A credit card has an APR of 18%. If you carry a $1000 balance for one month, how much interest do you owe?
Answer
$15
📝 Step-by-Step Solution
1
Balance: $1000
2
APR: 18%
3
Monthly rate: 18% ÷ 12 = 1.5%
4
Interest: $1000 × 0.015 = $15
💡 Helpful Hints
• Divide annual rate by 12 for monthly
• Apply to the balance
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