Question
Assume instead that you begin the year with no savings and instead charge $500 on your credit card each month. If you make a payment
Assume instead that you begin the year with no savings and instead charge $500 on your credit card each month. If you make a payment of $50 each month (beginning in September) and the card carries an interest rate of 18%, what will be the balance due at December 31? Assume all charges, payments, and interest charges occur on the last day of each month. Round all computations to the nearest whole dollar.
Date | Balance at beginning of the month | Interest accrued | Amount charged | Payment | Balance at the end of the month |
August 31 | $0 |
|
|
|
|
September 30 |
|
|
|
|
|
October 31 |
|
|
|
|
|
November 30 |
|
|
|
|
|
December 31 |
|
|
|
|
|
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