Alex wants to pay off his credit card balance before he gets married. he decides to take the $2,300 out of his savings and apply

Question

3 years ago

5

Alex wants to pay off his credit card balance before he gets married. he decides to take the $2,300 out of his savings and apply

it to his credit card debt of $5,390. the credit card has an apr of 16.5%. what will alex's minimum monthly credit card payment be in order to pay off his debt in 14 months?

Mathematics

2 answers:

Radda [10] · Answer 1 · 2022-01-13T01:51:11+03:00

Radda [10]3 years ago

5 0

Its C. i just took the test lol

castortr0y [4] · Answer 2 · 2022-01-13T03:13:38+03:00

Answer:

$244.51

Step-by-step explanation:

Credit card payment =$5390

After paying $2300 from savings account,

Remaining payment left = 5390-2300 = $3090

APR = 16.5% or 0.165

Time (t) = 14 months = 14/12 years

Using credit card payment calculator,

Monthly payment = $244.15

Hence, minimum monthly payment to be made to pay off the whole debt in 14 months = $244.15