When Beth finishes college, she has a
balance or $2876.37 on a credit card with an annual percentage rate (APR)
or 17.3%. She decides to not make any
additional purchases with her card until
she has paid off the balance.
Assuming the minimum payment is 2% of the balance, find her minimum payment.
I keep getting $575.27.
Can you please help me?
If I am wrong, please show me how to
solve this.
The APR divided/12 is the monthly interest rate, or 17.3/12 =1.442
She pays two percent, so the net payment to the balance is .448 percent.
.02*(2876.37)(1+ 17.3/12)=
Do I say .02 times 2876.37 and how do I
figure the rest? You have me confused.
are you there?
1 answer