Question
APR 18.7% compounded monthly Grace Period 30 days Minimum Payment 3.5% of the remaining balance or $30, whichever is higher
Pamela charged $925 to her credit card last month. What is the first minimum payment she must make?
$92.50
$172.98
$32.38
$30.00
My answer is $32.38
Pamela charged $925 to her credit card last month. What is the first minimum payment she must make?
$92.50
$172.98
$32.38
$30.00
My answer is $32.38
Answers
Henry
P = Po + Po*r*t =925 + 925*(0.187/12)*1 = 939.41
0.035 * 939.41 = $32.88
Pay 32.88 because it greater than $30.00.
0.035 * 939.41 = $32.88
Pay 32.88 because it greater than $30.00.