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

Question

2 years ago

9

at least 5% each month?
Be sure to show your work below.

1 answer:

erica [24] · Answer 1 · 2022-10-12T12:29:45+03:00

erica [24]2 years ago

3 0

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