You just received your credit card statement that showed that you charged $120 with your card during the month. If you choose not to pay off your credit card debt, how much interest will be charged on this debt on the next monthly statement if the APR is 18.00%? (Round answer to 2 decimal places, e.g. 52.75. Do not round intermediate calculations.)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.