Question: Can you find the answer and explain it A credit card charges 18 percent annual interest and you have a balance due on the statement

Can you find the answer and explain it

A credit card charges 18 percent annual interest and you have a balance due on the statement date of $750. You are able to make only the minimum payment of $18. What will be the interest charge for the next 30 days? (Hint: At the end of each day, the card issuer will multiply your current balance by the daily rate to come up with the daily interest charge)

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