Monique's credit card charges interest of 20.85% per annum on unpaid balances. On her March 12 statement, she had a balance of $739.65. 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 payment, dated April 12?
b.) On her April 12 statement, what will her minimum payment be?

To calculate Monique's balance on her next payment (April 12), we need to consider the interest charged on the unpaid balance and the new purchase made on March 16.

a) Calculation of the balance on April 12:
1. Calculate the interest charged on the unpaid balance from March 12 to April 12:
Interest = (Unpaid balance on March 12) * (Interest rate per annum / 365 days) * (Number of days)
Interest = $739.65 * (20.85% / 365) * (32 days) (assuming 32 days between March 12 and April 12)
= $13.19

2. Add the interest charged to the unpaid balance on March 12:
Total unpaid balance = Unpaid balance on March 12 + Interest charged
= $739.65 + $13.19
= $752.84

3. Add the new purchase made on March 16:
New balance = Total unpaid balance + Purchase on March 16
= $752.84 + $179.39
= $932.23

Therefore, Monique's balance on her next payment (dated April 12) will be $932.23.

b) Calculation of the minimum payment on April 12:
The minimum payment is 5% of the balance or $10.00, whichever is greater.

1. Calculate 5% of the balance:
Minimum payment (5%) = 5% * New balance
= 5% * $932.23
= $46.61

2. Compare the calculated 5% minimum payment with $10.00 and choose the greater amount:
Minimum payment = max(5% minimum payment, $10.00)
= max($46.61, $10.00)
= $46.61

Therefore, on her April 12 statement, Monique's minimum payment will be $46.61.

To find Monique's balance on her next payment and her minimum payment on her April 12 statement, we need to consider the interest charges and the new purchase she made.

a) To calculate Monique's balance on her next payment, we first need to determine the interest charged on the remaining balance after the minimum payment is made. Follow these steps:

1. Subtract the minimum payment from the previous balance: $739.65 - (Greater of 5% or $10.00) = $739.65 - $36.98 = $702.67.
2. Calculate the interest charged on the remaining balance: $702.67 * (20.85% / 365) * 30 = $4.8943 (rounded to 2 decimal places).
3. Add the interest charged to the remaining balance: $702.67 + $4.8943 = $707.56.

Therefore, Monique's balance on her next payment, dated April 12, would be $707.56.

b) To determine Monique's minimum payment on her April 12 statement, use the formula given: 5% or $10.00, whichever is greater. Follow these steps:

1. Calculate 5% of the statement balance: $739.65 * 5% = $36.98.
2. Compare the result to $10.00: Since $36.98 is greater than $10.00, Monique's minimum payment will be $36.98.

Therefore, Monique's minimum payment on her April 12 statement would be $36.98.

a. Bal = 739.65 - 0.05*739.65 + 179.39 =

$882.06

b. P min = 0.05 * 882.06