Consider a credit card with an APR of 21.99% and a minimum payment each month of 6% of the new balance. The beginning balance is $675 and no additional charges are made during the next three months and only the minimum payment is made each month. Given the table below, how much does the starting balance decrease after these three payments? Month Starting Balance Finance Charge New Balance Minimum Payment $676 $12.37 $687.37 $41.24 $646 13 $11.84 $657.97 $39.48 $618.49 $592.03 $11.33 $629.82 $37.79 4 XXX XXX XXX Express your answer rounded to the nearest cent.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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