07
Jan
You finance a $500 car repair completely on credit
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 |
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