Question

Hi, I asked this question yesterday and
I was given help in how to solve it.
After working the problem, I have came
up with $575.27. The problem is:

When Beth finishes college, she has a balance or $2876.37 on a credit card with an annual percentage rate (APR)
or 17.3% She decides to not make any additional purchases with her card
until she has paid off the balance.
Assuming the minimum payment is 2%
of the balance, find her minimum
payment.

If she is not going to use the card to make additional purchases until the balance is paid, I didn't see the need
to figure in the 17.3% rate.
I just multiplied 2% by $2876.37

Will you please make sure I have came
up with the correct answer of $575.27

Thank you so very very much!

I am so very sorry- I marked the wrong
answer-- it's 57.53, isn't it?

will you please check my answer?

$57.53 looks right to me. That's 2% of the current balance.

As time goes by, the balance will drop and so will 2% of it, but if she has any brains at all, she'll continue to pay at least $57.53 each month if she ever hopes to pay it off!

=)