Asked by Steve
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
Answered by
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.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.