Kenny realizes that he totally forgot about a credit card that he made some charges to a few months back. He checks the balance and sees that it has gone all the way up to about$1790(charges, interest, late fees). Because of his late payments, the APR on the card is now at19.98%. Further, the minimum payment on the card is now$30every month.
Considering that the current balance of the card is$1790and the APR is19.98%
Calculate the monthly percentage rate and determine how much of the first $30 minimum payment would go towards interest and how much would go towards reducing the balance on the card.
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