Question

Tabitha opens a credit card in which the minimum payment is 13%. Her current balance is $1,450, not including the finance charge, and the APR is 14.5%. Assuming she makes a payment of $500 this month, how much will the minimum monthly payment be for the next month?
.145/12=.0121

$1450-$500=$950+

.0121*$1450=$17.52

$950+$17.52=$967.52

$967.52*12%= $12578

Minimum Payment

Oct 17, 2017

Sorry, that is $125.78

Oct 17, 2017

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