Question

Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a minimum payment of 3%.

What is your minimum payment?
What is your interest for 1 month?
What is your new balance?

Answer 1

Answer: Your welcome!

Explanation:

Your minimum payment would be $135 ($4500 x 0.03 = $135).

Your interest for 1 month would be $99 ($4500 x 0.22 = $990 x 0.1 = $99).

Your new balance would be $4634 ($4500 + $99 - $135 = $4664).