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Imagine that during the past 30-day month you carried a balance of $1,500 on your credit card. The interest rate on your card is

If you had no new charges during the month and made the minimum payment of $30, how much would the loan

Imagine that during the past 30-day month you carried a balance of $1,500 on your credit card. The interest rate on your card is 21% (Annual percentage rate or APR). What will the interest charge be for this month? If you had no new charges during the month and made the minimum payment of $30, how much would the loan balance be reduced?

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