Question

Cesar is excited that he only has 12 months left before he pays off his credit card completely. His current balance is $3,750 and his APR is 17.5%. But when he is involved in a car accident, he is forced to use his credit card to pay a $1,000 deductible to get his car fixed. How much will Cesar’s minimum monthly payment increase if he still wants to pay off his credit card in 12 months?
a.
$83.33
b.
$91.44
c.
$342.91
d.
$434.35

Answer 1

The answer is.

b.

$91.44