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,...


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 at
19.98%. Further, the minimum payment on the card is now
$30
every month.



Considering that the current balance of the card is
$1790
and the APR is
19.98%



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.



Jun 04, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here