Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after

image text in transcribed

Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. Her credit card record for the last 7 months is shown in the table below. End of month Previous balance New charges Payment Finance Principal New received charges paid balance $0.00 $3900.00 50.00 30.00 $0.00 $3900.00 234567 $3900.00 $0.00 $78.00 $35.75 $42.25 $3857.75 $3857 75 50.00 $77 16 $35 36 $41.79 $3815 96 $3815.96 $0.00 $76.32 $34 98 $41.34 $3774 62 $3774.62 50.00 575.49 $34.60 540.89 $3733.73 $3733.73 $0.00 $74.67 534 23 $40.45 $3693.28 $3693.28 50.00 $73.87 $33.86 $40.01 $3653.27 How much of the $3900 charge that Patrice made during the first month has been paid off? A. $208.77 B. $40.01 C. $455.51 D. $246.73

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction To Categorical Data Analysis

Authors: Alan Agresti

3rd Edition

1119405262, 978-1119405269

More Books

Students also viewed these Mathematics questions

Question

LO.1 U.S. persons are taxed on their worldwide income. Explain.

Answered: 1 week ago

Question

Describe and explain the tactical decision-making model.

Answered: 1 week ago

Question

What is a relevant cost? A relevant revenue?

Answered: 1 week ago

Question

What is tactical cost analysis?

Answered: 1 week ago