Suppose you have a $1,000 charge on a credit card charging 1% monthly interest using the adjusted balance method. The minimum payment due in May is $50. How much will you save in interest charges in June by paying $100 instead?

Question

Suppose you have a $1,000 charge on a credit card charging 1% monthly interest using the adjusted balance method. The minimum payment due in May is $50. How much will you save in interest charges in June by paying $100 instead?
Steps please.

drwls · Answer

You would save the interest on the extra $50 you paid above the minimum. That is $5

You should pay off the entire balance, if you can, and pay no interest at all.

Please just don't dump your homework here en masse. Show your work.

MONICA · Answer

Thanks for your help.You people need to learn how to talk to people.I was recently burned out of my house,and all of my books and everything was loss in the fire, so I do not have my book for a guide.If you feel like that do not respond to me,thats why I have asked for steps so I can figure this stuff out,but thanks again.

Ulysses · Answer

Drwls your such a knob knocker LOL