Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The conditions of a credit card are as follows: annual interest rate of 55.4%, minimum payment of 8.97% and previous balance method (previous balance). Regina

image text in transcribed

The conditions of a credit card are as follows: annual interest rate of 55.4%, minimum payment of 8.97% and previous balance method (previous balance). Regina George has this type of credit card. At the beginning of the month, she had a balance of $63,360.4. She made a credit card payment on the 15th for $ 17,236 and made a purchase on the 22nd for $12,130 Assuming that Regina only paid the minimum amount each month, how much money would Regina pay in total if she paid this way? (answer in money, do not put the sign $, 2 decimal places) The conditions of a credit card are as follows: annual interest rate of 55.4%, minimum payment of 8.97% and previous balance method (previous balance). Regina George has this type of credit card. At the beginning of the month, she had a balance of $63,360.4. She made a credit card payment on the 15th for $ 17,236 and made a purchase on the 22nd for $12,130 Assuming that Regina only paid the minimum amount each month, how much money would Regina pay in total if she paid this way? (answer in money, do not put the sign $, 2 decimal places)

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_2

Step: 3

blur-text-image_3

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

Handbook Of European Financial Markets And Institutions

Authors: Xavier Freixas, Philipp Hartmann, Colin Mayer

1st Edition

0199229953, 978-0199229956

More Books

Students also viewed these Finance questions