Question: You finance a $500 car repair completely on credit..
You finance a $500 car repair completely on credit, you will just pay the minimum payment each month for the next three months. The APR is 18.99% 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 2 in the table below (round to the nearest cent): 6 points
| Month | Starting balance | Finance charge | New balance | Minimum payment |
| 1 | $500 | |||
| 2 |
Trackbacks and pingbacks
No trackback or pingback available for this article.