1 answer

Determine the total amount of interest you will pay over the next 3 months on a credit balance of $725

Question:

Determine the total amount of interest you will pay over the next 3 months on a credit balance of $725 if your credit card has an annual interest rate of 18% and you make monthly payments of 10% of the amount due, rounded to the nearest dollar.

Answers

Month 1:
interest due = 725(.015) = 10.875
balance owing =735.875
payment made = 73.58
reduction in balance = 73.58 - 10.875 =62.71
balance at end of month 1 = 662.29

month 2
interest due = 662.29(.015) = 9.93
balance owing = 672.22
payment made = 67.22
reduction in balance = 67.22-9.93 = 57.29
balance at end of month 2 = 614.93

month 3
(repeat above steps)

add up the interest for the three months.

check my arithmetic.

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