By finding the percentage of interest for next month, we conclude that next month's interest charge will be $90.72
About how much will the next month's interest charge be?
There is an interest of 21% annually, and we can assume that we can decompose this on the 12 months.
Then on each month, the interest is:
21%/12 = 1.75%
So if he owes $5.184, an interest of 1.75% is:
I = (1.75%/100%)*$5.184 = $90.72
The next month's interest charge will be $90.72.
If you want to learn more about interests, you can read:
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