Ask Question
12 November, 22:18

You owe 958.62 on a credit card at 9.7% apr. the minimum payment is 105.00. how much goes toward principal if you make the minimum payment at the end of the first month?

+1
Answers (1)
  1. 12 November, 22:44
    0
    APR stands for Annual Percentage Rate and in this problem, we are given APR is equal to 9.7%

    Per month rate = 9.7% / 12 months = 0.808%

    Total credit interest for 12 months = 958.62 * 0.097 = $92.97

    In one month = $92.97/12 = $7.7475

    If you pay at the end of the first month:

    Payment = 105.00

    The amount goes to principal:

    Amount = $105 - $ 7.7475

    Amount = $142.25
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You owe 958.62 on a credit card at 9.7% apr. the minimum payment is 105.00. how much goes toward principal if you make the minimum payment ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers