Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 r -n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, what would be the balance on her credit card after she made that payment 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: 1289.65
Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest rate on that credit card is 18.36%. The minimum payment on that card is the interest charge ( 365 r -n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $2,834.4, what would be the balance on her credit card after she made that payment 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: 1289.65
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest
rate on that credit card is 18.36%. The minimum payment on that card is the interest charge (
365
n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in
that month and the ending balance was $2,834.4, what would be the balance on her credit card after
she made that payment 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: 1289.65](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb2d3d62-e710-47e3-a791-094a3e8e4c6b%2Ff1ff90a3-0dcf-46e3-ba4a-ff6dbe4cb252%2F8kfh4yi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest
rate on that credit card is 18.36%. The minimum payment on that card is the interest charge (
365
n) plus 3% of the ending balance or $25, which ever is larger. If there were 31 days in
that month and the ending balance was $2,834.4, what would be the balance on her credit card after
she made that payment 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: 1289.65
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