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If you have a credit card with an APR of 18% and a balance of $1,000, what is the interest charged for one month?
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$18
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$15
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$180
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$150
That's Correct!
It's Wrong!
To calculate the interest for one month, you multiply the APR (18%) by the balance ($1,000) and then divide by 12 (months). The result is ($1,000 * 18%) / 12 = $15. This means that for the given scenario, the interest charged for one month would be $15.
