Question
Oluf has a credit card that started with no balance. He charged $900 to the card which has an APR of 22.99% and requires
Oluf has a credit card that started with no balance. He charged $900 to the card which has an APR of 22.99% and requires a minimum payment each month of 11.8% of the new balance. Fill in the table below with the amounts and then answer the questions. Finance New Month Balance Charge Balance Minimum Payment 0 1 2 3 4 How much total was paid to the credit card company? How much total was paid in interest to the credit card company? What percent of the total payments was interest? Give your answer as a percent rounded to 1 decimal place.
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Get StartedRecommended Textbook for
Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
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