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You have a carry-over balance of $500 of credit card charges with no
additional charges and you plan to just pay the minimum payment each month for the next
two months. The Annual Percentage Rate (APR) is 15.99% and the minimum payment each
month is 4% of the balance. Determine the finance charge, new balance, and minimum
payment required for each of the next two months, and the carry over balance for month 3
in the table below:
(round all answers to the nearest cent)
Month Carry Over Balance Finance Charge New Balance
1
2
4 pts
500.00
Minimum Payment

Sagot :

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