Based on the penalty APR and the balance, the amount of interest that will be owed in a month is $40.00
The APR of 28.99% is the yearly interest. To find the monthly rate:
= Rate / 12 months
= 28.99% / 12
= 2.42%
The amount owed is therefore;
= 1,800 x 2.42%
= $43.56
= $40.00 approximately
In conclusion, as per the options, the approximate interest owed is $40.00
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