Moniques credit card charges interest of 20.85% per annum on unpaid balances on her march 12 statement. she had a balance of $739.65 due by the due date, she made the minimum payment (5% or 10.00, Whichever is greater.) On march 16. She made a purchase of $179.39

a)If she makes no other purchases or payments. What will her balance be on her next statement dated april 12?

b)On her april statement, what will her minimum payment be?

r = (20.85%/12)/100% = 0.017375 = Monthly % rate expressed as a decimal.

a. $739.65(1-0.05) = $702.67.
BAL = 702.67(1+0.017375)+179.39 =
$894.27.

b. 0.05*894.27 = $44.71

b

al =

To calculate Monique's balance on her next statement dated April 12, we need to consider the interest on the unpaid balance and the new purchase she made.

a) Let's start by calculating the interest on the unpaid balance. The annual interest rate is 20.85%, so we need to convert it to a monthly rate. Divide 20.85% by 12 to get 1.7375% as the monthly interest rate.

To calculate the interest, multiply the unpaid balance ($739.65) by the monthly interest rate (1.7375% or 0.017375 in decimal form):
Interest = $739.65 * 0.017375 = $12.85

Adding the interest to the balance:
Balance with interest = $739.65 + $12.85 = $752.50

Next, we need to add the new purchase ($179.39) to the balance with interest:
Balance on next statement = $752.50 + $179.39 = $931.89

Therefore, Monique's balance on her next statement dated April 12 will be $931.89.

b) The minimum payment is 5% of the balance or $10, whichever is greater. Let's calculate both options and take the greater amount.

5% of the balance:
Minimum payment = $931.89 * 5% = $46.59

$10 or the greater amount:
Minimum payment = max($10, $46.59) = $46.59

Therefore, Monique's minimum payment on her April statement will be $46.59.