Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Discover solutions to your questions from experienced professionals across multiple fields on our comprehensive Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

You maintain an average balance of $750 on your credit card, which carries an 18% annual interest rate. What is the monthly interest payment in this scenario (assume the monthly interest rate is 1/12 of 18%)?