Question

Match each credit card with the correct balance after one month, starting with a balance of $2,000:
(1 point)
Card H (16% APR, 3% or $40)
L
Card I (18% APR, 2% or $30):
Card J (20% APR, 1.5% or $45)
:: $1,966.67
:: $1,988.33
:: $1,990.00

Answer 1

Card H (16% APR, 3% or $40): interest = 2000*(0.16/12)=26.6667; payment = 3% of 2000 = 60 → new balance = 2000+26.6667−60 = $1,966.67

Card I (18% APR, 2% or $30): interest = 2000*(0.18/12)=30; payment = 2% of 2000 = 40 → new balance = 2000+30−40 = $1,990.00

Card J (20% APR, 1.5% or $45): interest = 2000*(0.20/12)=33.3333; payment = max(1.5% of 2000,45)=45 → new balance = 2000+33.3333−45 = $1,988.33