you owe $848.42 on a credit card at a 12.75% apr the minimum payment of $50

Question

if you paid the $50 at the beginning of the month to decrease the principal how much interest accrues by the

Answer 1

end of the month?

To calculate the interest that accrues by the end of the month, we first need to determine the new balance after the $50 payment:

$848.42 - $50 = $798.42

Next, we need to calculate the daily interest rate on the credit card:

12.75% APR / 365 days = 0.0003493 or 0.03493%

Now we can calculate the interest accrued after making the $50 payment:

$798.42 * 0.03493% * 30 days = $8.86

Therefore, after making the $50 payment at the beginning of the month, the interest accrued by the end of the month would be $8.86.