Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest rate on that credit card is 18.19%. The minimum payment on that card is the interest charge ( 1= B 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 $1,681.57, what would be the minimum payment she made for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 89.65

Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest rate on that credit card is 18.19%. The minimum payment on that card is the interest charge ( 1= B 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 $1,681.57, what would be the minimum payment she made for that month? Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 89.65

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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