Question
You bought a $3000 bouquet for Valentine's day with your credit card. The transaction was completed on 12 Feb 2019. The credit card statement was
You bought a $3000 bouquet for Valentine's day with your credit card. The transaction was completed on 12 Feb 2019. The credit card statement was issued on 18 Feb 2019 and the payment due date is on the 1st of each month. According to the Terms and Conditions of the credit card, the APR for Retail Purchase is 34.04% and interest is compounded daily. The minimum payment is determined by the maximum of $230 or the sum of all fees and charges plus 1% of the new balance after deducting the amount of fees and charges. Given that there is no other fees and charges and you did not buy anything else with the credit card, what is the final amount of payment (in the final month) if you could only afford the minimum payment every month?
Need formula and answer only. Thanks.
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