Bristol's credit card has a 29.99% APR, a minimum monthly payment of 3.2%, and a current statement balance of $4,919.21. She spends $360.00 in purchases and makes the current minimum monthly payment of $157.41. What will be Bristol's next minimum monthly payment?

Question

23-05-2022
Mathematics

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Bristol's credit card has a 29.99% APR, a minimum monthly payment of 3.2%, and a current statement balance of $4,919.21. She spends $360.00 in purchases and makes the current minimum monthly payment of $157.41. What will be Bristol's next minimum monthly payment?

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amcool amcool · Answer 1 · 2022-05-26T13:27:57+02:00

Based on the calculation below, Bristol's next minimum monthly payment is $167.99.

Calculation of credit card next minimum monthly payment

This can be calculated as follows:

Monthly interest rate = APR / 12 = 29.99% / 12 = 0.2999 / 12 = 0.0249916666666667

Balance at the end of the current month = Current balance + Purchases - Current minimum monthly payment = $4,919.21 + $360.00 - $157.41 = $5,121.80

Bristol's next minimum monthly payment = (Balance at the end of the current month + (Balance at the end of the current month * Monthly interest rate)) * Minimum monthly payment rate

Bristol's next minimum monthly payment = ($5,121.80 + ($5,121.80 * 0.0249916666666667)) * 3.2%

Bristol's next minimum monthly payment = $167.99

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