In the month of September, Billy Jo made the following purchases:  $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29.  Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month?  What is the minimum dollar amount Billy Jo must pay?

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.