Answered step by step
Verified Expert Solution
Question
1 Approved Answer
11. [10 pts] On May 9, the billing date, Mary had a balance of $568.13 that she owed on her credit card. The transactions during
11. [10 pts] On May 9, the billing date, Mary had a balance of $568.13 that she owed on her credit card. The transactions during the following month were: May 15 Payment $130.00 May 19 Charge: hardware store $186.14 Average Daily Balance: Number of days in billing cycle: $704.32 31 May 27 Charge: restaurant $64.00 Starting balance on card: see above June 3 Charge: gasoline $47.56 a) The card has an APR of 17.9%. Calculate the Interest to be paid on June 9. b) Find the New Balance on June 9. c) If Mary's minimum payment is the larger of the two: $25 OR 3% of her new balance, how much does she have to send in at least for payment? (Include your calculation.) 3% of the new balance is S Mary has to send at least $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started