Find the balance on the credit card after 3 months with the following information: APR =...

Find the balance on the credit card after 3 months with the following information:

APR = 15.99%

Carry-Over balance for month 1 = $793.16

Minimum payment is $50 or 8%, whichever is greater

Expert Solution

Payment Schedule
No.	Rate	Payment	Extra Payment	Total Payment	Interest Paid	Principal Paid	Balance
0							793.16
1	15.99%	63.45		63.45	10.57	52.88	740.28
2	15.99%	59.22		59.22	9.86	49.36	690.92
3	15.99%	55.27		55.27	9.21	46.07	644.85

ekkarill92 answered 1 month ago

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