Mathematics, 28.10.2020 17:50 safiyabrowne7594
Rachel has developed a plan to start paying off her credit card debt, and has stopped making purchases with her credit card. She has a credit card balance of $1,120.87. Her card has an APR of 14.12%, compounded monthly, and has a minimum monthly payment of 3.15% of the total balance, which is calculated after the monthly interest. Rachel has decided to pay off her debt by making identical monthly payments over a period of two years. If she starts this month, how much greater will her first payment be than the minimum payment required? (Round final answer to the nearest dollar.)
a.
$17
b.
$14
c.
$19
d.
$11
Answers: 2
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