A bank charges 18.12% interest per year on a credit card account. Jose' closed his account and has a balance of $529.84 that he needs to pay off. How much interest will Jose' pay in the first month of paying off his balance?

Answer:Jose will pay $8 as interest in the first month of paying off hi balance.Step-by-step explanation:With $529.84 in his account that he has to pay,  there is a 18.12% interest per year. So, the monthly interest rate on the credit card can be calculated by using the general formula :[tex]Monthly interest rate = Annual interest rate / 12[/tex]Monthly interest rate = 18.12% / 12Monthly Interest rate = 9.06%Jose must pay an interest of $8 in the first month. As the account is closed this amount will not be added to the credit card account.