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$1.00 Interest

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Angier415
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Q:

Suppose you have a $1,000 charge on a credit card charging 1% monthly interest using the adjusted balance method.  The minimum payment due in May is $30.00  How much will you save in interest charges in June by paying $60 instead?

 

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  • Posted on Aug 08, 2012 at 8:08:45PM
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Preview: ... this, The May ending balance would be $940 The interest wo ...
The full tutorial is about 54 words long .
 
$3.00
Interest
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  • Posted on Aug 08, 2012 at 8:57:10PM
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sedean
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Preview: ... a $30 payment,  the interest would be (949.40)(.01) = $9.49 ...
The full tutorial is about 49 words long .