Answer: To find Jordan's balance after he makes the minimum payment for May, we need to calculate his balance at the end of each month, taking into account his purchases, the interest charged, and the minimum payment made.
In March, Jordan's balance was $628.16 and he made a minimum payment of:
$628.16 x 3.96% = $24.92
His purchases in March totaled $50.81, so his balance after March was:
$628.16 + $50.81 = $678.97
The interest charged in March would be:
$678.97 x (10.59%/12) = $5.72
So his balance after interest was added in March would be:
$678.97 + $5.72 = $684.69
In April, Jordan's balance was $684.69 and he made a minimum payment of:
$684.69 x 3.96% = $27.13
His purchases in April totaled $77.36 + $32.40 + $49.20 = $159.96, so his balance after April was:
$684.69 + $159.96 = $844.65
The interest charged in April would be:
$844.65 x (10.59%/12) = $7.10
So his balance after interest was added in April would be:
$844.65 + $7.10 = $851.75
In May, Jordan's balance was $851.75 and he made a minimum payment of:
$851.75 x 3.96% = $33.77
His purchases in May totaled $25.79 + $79.39 + $79.08 = $184.26, so his balance after May would be:
$851.75 + $184.26 = $1,036.01
The interest charged in May would be:
$1,036.01 x (10.59%/12) = $8.71
So his balance after interest was added in May would be:
$1,036.01 + $8.71 = $1,044.72
Therefore, Jordan's balance after he makes the minimum payment for May would be $1,044.72, which is closest to answer (a) $1,094.10.