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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.

Respuesta :

musiclover10045

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

fichoh

The minimum payment which the credit card holder can make is $153

The Final amount which the cardholder has to pay including interest can be calculated thus :

Final amount = principal(1 + APR)

MONTHLY APR = 24% / 12 = 0.02

Final amount = 3000(1 + 0.02) = $3060

The least amount that could be paid in a month is 5% of the final amount :

$3060 × 0.05 = $153

Therefore, the minimum amount which could be paid monthly is $153.

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