Last month Caitlins average daily balance on her credit card was $1354.68 the annual interest rate on that card is 17.59% the minimum payment on that card is the interest charge +3% of the ending balance our $25 which ever is greater if there were 30 days in that month and the ending balance was $1947.35 what was the minimum payment that Kaitlyn could make
Last month Caitlins average daily balance on her credit card was $1354.68 the annual interest rate on that card is 17.59% the minimum payment on that card is the interest charge +3% of the ending balance our $25 which ever is greater if there were 30 days in that month and the ending balance was $1947.35 what was the minimum payment that Kaitlyn could make
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Last month Caitlins average daily balance on her credit card was $1354.68 the annual interest rate on that card is 17.59% the minimum payment on that card is the interest charge +3% of the ending balance our $25 which ever is greater if there were 30 days in that month and the ending balance was $1947.35 what was the minimum payment that Kaitlyn could make
Transcribed Image Text:Question 3
3pts
Last month, Kaitlin's average daily balance on her credit card was $1,354.68. The annual interest
rate on that credit card is 17.59%. The minimum payment on that card iş the interest charge (
1= B.
n) plus 3% of the ending balance or $25, which ever is larger., If there were 30 days in
365
that month and the ending balance was $1,947.35, what would be the minimum payment that
Kaitlin could make?
Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not
use a comma. Example: 89.65
Question 4
3 pts
Last month, Kaitlin's average daily balance on her credit card was $1,749.13. The annual interest
rate on that credit card is 17.95%: The minimum payment on that card is the interest charge (
n) plus 2% of the ending balance or $25, which ever is larger. If there were 30 days in
365
that month and the ending balance was $2,746.49. what would be the balance on her credit card
after she made that payment for that month?
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