At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?

$43.49

Explanation:

Using Simple interest = P × R × T/100

Where;

P = principal

R = interest rate

T = time

According to the provided information, P = $1800, R = 28.99%, T = one month = 1/12 years.

Using S.I = P × R × T/100

S.I = $1800 × 28.99 × 1/12 ÷ 100

S.I = $1800 × 28.99 × 1÷ 100 × 12

S.I = $1800 × 28.99 × 1 ÷ 1200

S.I = 52182 ÷ 1200

S.I = 43.485

An interest of $43.49 will be owed in one month.