Question

You have a credit card that has a balance of $3,589.90 and a credit limit of $5,000. If you have a good credit rating, how much must you pay at the end of the month to get the balance to the acceptable debt ratio percentage?
Secured Unsecured
Credit APR (%) APR (%)
Excellent 4.75 5.50
Good 5.00 5.90
Average 5.85 6.75
Fair 6.40 7.25
Poor 7.50 8.40



$1,307.43


$1,107.55


$979.63


$1,004.21


Description

Answer 1

Answer:

$1107.55

Step-by-step explanation:

3,589.90 x .0590/12 = $17.65

3,589.90 + 17.65 =3,607.55

3,607.55 - 2,500 = $1,107.55