You owe $3,000 on your credit card with a 24% APR. What would be the minimum payment amount if your credit card company requires
at least 5% each month?
Be sure to show your work below.
1 answer:
Interest charge = balance x ( apr/12)
3000 x (.24/12) = 60
Balance = 3000 + 60 = 3060
Minimum payment is total balance x percent for payment:
3060 x 5% = 153
The minimum payment is $153
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