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April 24, 2014

Homework Help: Math-Needing Help Quick!

Posted by Logan on Monday, February 26, 2007 at 7:23pm.

When Beth finishes college, she has a
balance or $2876.37 on a credit card with an annual percentage rate (APR)
or 17.3%. She decides to not make any
additional purchases with her card until
she has paid off the balance.
Assuming the minimum payment is 2% of the balance, find her minimum payment.

I keep getting $575.27.
Can you please help me?
If I am wrong, please show me how to
solve this.

The APR divided/12 is the monthly interest rate, or 17.3/12 =1.442
She pays two percent, so the net payment to the balance is .448 percent.
.02*(2876.37)(1+ 17.3/12)=


Do I say .02 times 2876.37 and how do I
figure the rest? You have me confused.

are you there?

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