Question

In: Accounting

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

  1. 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

Solutions

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

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