Question

Arthur has an April credit card balance of $325.24. His repayment date is the 25th of every month, with a grace period of 5 days. If his payment is late, the credit card company charges him a $25 late fee. Arthur wants to repay the full amount to have a zero balance. How much should Arthur pay if his online payment is processed on May 1?

Answer 1

its c i just did the question

Answer 2

Arthur has to pay $350.24

Explanation:

Arthur has an April credit card balance of $325.24 and his repayment date is the 25th of every month with a grace period of 5 days.

On being late credit card company charges $25 as a lat fees.

Now Arthur has to repay the full amount in 25+5 days Or 30th of April.

Since Arthur has repaid on 1st May that means he is late by one day. Now company will charge $25 as a late fees.

So total repayment amount will be = Card balance+late fees

= $325.24 + $25

= $ 350.24