Jordan’s credit card has an APR of 10.59%, compounded monthly. He is required to make a minimum payment of 3.96% of his current
balance every month. At the beginning of March, Jordan had a balance of $628.16 on his credit card. The following table shows his credit card purchases over the next few months. Month Cost ($) March 50.81 March 48.04 April 77.36 April 32.40 April 49.20 May 25.79 May 79.39 May 79.08 If Jordan makes only the minimum monthly payments in March, April, and May, what will his balance be after he makes the minimum payment for May? (Assume that interest is compounded before the monthly payment is made, and that the monthly payment is applied at the end of the month. Round all dollar values to the nearest cent.) a. $1,094.10 b. $988.97 c. $967.60 d. $1,070.23
