Question

Three trends each have a balance of $5,000 on their credit cards with a 25%APR. They've

decided that they will not make any other purchases on the cards until they pay of the debt
and make varying amounts of monthly paymentes
• Sharon can only make the credit card minimum payment, $150 per month
• Ceollia can set aside $400 per month to pay back her dett
• Alexander can pay $800 per month for his credit card
After 5 months, how much will each person have paid in interest so far and how large will
their remaining balance be? Use the formulas below to calculate their interest and balance
for each month
Hint Credit card interest is typically compounded daily so n=365Time here is in years, so
make sure you use a fraction for your t value. Need to show monthly interest and balance paid monthly for first 5 months on each person.

Answer 1

here i hope this exaple helps but for the time being while i solve it heres this example

if you currently owe $500 on your credit card throughout the month and your current APR is 17.99%, you can calculate your monthly interest rate by dividing the 17.99% by 12, which is approximately 1.49%. Then multiply $500 x 0.0149 for an amount of $7.45 each month.