Question
You have to charge $500 of car repairs and no additional charges during the next two months, you will just pay the minimum payment each
You have to charge $500 of car repairs and no additional charges during the next two months, you will just pay the minimum payment each month for the next two months. The Annual Percentage Rate (APR) is 15.99% and the minimum payment each month is 4% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next two months, and the starting balance for month 3 in the table below.
(Round all answers to the nearest cent)
| Month | Starting Balance | Finance Charge | New Balance | Minimum Payment |
|---|---|---|---|---|
| 1 | 500.00 | |||
| 2 | ||||
| 3 |
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ISE Foundations Of Financial Management
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley Danielsen
18th International Edition
1265074658, 9781265074654
