Question
Moniques credit card charges interest of 20.85% per annum on unpaid balances on her march 12 statement. she had a balance of $739.65 due by the due date, she made the minimum payment (5% or 10.00, Whichever is greater.) On march 16. She made a purchase of $179.39
a)If she makes no other purchases or payments. What will her balance be on her next statement dated april 12?
b)On her april statement, what will her minimum payment be?
a)If she makes no other purchases or payments. What will her balance be on her next statement dated april 12?
b)On her april statement, what will her minimum payment be?
Answers
Henry
r = (20.85%/12)/100% = 0.017375 = Monthly % rate expressed as a decimal.
a. $739.65(1-0.05) = $702.67.
BAL = 702.67(1+0.017375)+179.39 =
$894.27.
b. 0.05*894.27 = $44.71
b
al =
a. $739.65(1-0.05) = $702.67.
BAL = 702.67(1+0.017375)+179.39 =
$894.27.
b. 0.05*894.27 = $44.71
b
al =