Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest rate on that credit card is 17.52%. The minimum payment
Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest rate on that credit card is 17.52%. The minimum payment on that card is the interest charge ( I equals B with bar on top times r over 365 times n) plus 2% of the ending balance or $25, which ever is larger. If there were 31 days in that month and the ending balance was $1,903.31, what would be the minimum payment that Kaitlin could make?
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