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
1 answer
Sorry, that is $125.78
0 answers