Homework Answers
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SOLUTION:
Credit Card Calculations
| Sr. No. |
Particulars |
Amount | APR | Period | Total |
| 1 | Total finance charge | 3200 | 21.99% | 30/365 | 57.84 |
| 2 | Minimum Payment | 3200 | 6% | 30/365 | 15.78 |
| 3 | Minimum Payment for each year | 3200 | 6% | 365 | 189.36 |
| 4 | Starting balance in month 13 | 3200 | 21.99% | 365 | 883.44 |
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