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Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months. Assume an APR of 15.99% and a required minimum payment of 5%. What will the minimum payment be for month 2? Round your answer to the nearest cent. Remember, a finance charge is only applied to a carry-over balance! Month Beginning Balance Finance Charge New Balance 1000 1 2345 15 0 0 XXXXXXXXXX XXXXXXXXXX Minimum Payment XXXXXXXXXX Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months. Assume an APR of 15.99% and a required minimum payment of 5%. What will the minimum payment be for month 2? Round your answer to the nearest cent. Remember, a finance charge is only applied to a carry-over balance! Month Beginning Balance Finance Charge New Balance 1000 1 2345 15 0 0 XXXXXXXXXX XXXXXXXXXX Minimum Payment XXXXXXXXXX
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Related Book For
Understanding Business Ethics
ISBN: 9781506303239
3rd Edition
Authors: Peter A. Stanwick, Sarah D. Stanwick
Posted Date:
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