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The balance of Jordan, after he makes the minimum payment for may, when he makes only the minimum monthly payments in March, April, and May, is $988.97.
What is monthly payment?
Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.
The monthly payment is the amount which is required to pay each month to pay off the borrowed principal amount.
Jordan’s credit card has an APR of 10.59%, compounded monthly. He is required to make a minimum payment of 3.96% of his current balance every month.
At the beginning of March, Jordan had a balance of $628.16 on his credit card. The following table shows his credit card purchases over the next few months.
- Month Cost ($)
- Start $628.16
- March 50.81
- March 48.04
- April 77.36
- April 32.40
- April 49.20
- May 25.79
- May 79.39
- May 79.08
The total amount at the end of March is 727.01. With interest rate of 3.96% it will become, $755.8. Now, this is initial balance for April.
The total amount at the end of April is 914.76. With interest rate of 3.96% it will become, $950.98.
The total amount at the end of May is 1135.24 With interest rate of 3.96% it will become, $1180.19. For may, the minimum payment he paid.
Jordan’s credit card has an APR of 10.59%, compounded monthly. Thus, after the compounded interest with APR 10.59%, the amount will be $988.97, if he pay minimum payment for may.
The balance of Jordan, after he makes the minimum payment for may, when he makes only the minimum monthly payments in March, April, and May, is $988.97.
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