Question

As a New Year's resolution, Jimmy has agreed to pay off his 4 credit cards and completely eliminate his credit card debt within the next 12 months. Listed below are the balances and annual percentage rates for Jimmy's credit cards. In order to pay his credit card debt off in the next 12 months, what will Jimmy's total minimum credit card payment be?
Credit Card. Current Balance. APR.
A. $563.00. 16%
B. $2,525.00 21%
C. $972.00. 19%
D. $389.00. 17%

a. $321.83
b. $361.45
c. $374.65
d. $411.25

Answer 1

Answer:

D) FOR BOTH

so 1. D $389.00 17%

2. is D  $411.25

Answer 2

Jimmy's Total Minimum Credit Card Payment must be equal to $71.54 if he is to clear his debt over the next 12 months.

What is Minimum Credit Card Payment (MCC)?

In order for a credit issuer to give an applicant a card, there is a minimum amount that must be deposited into and remain in such a bank account every month. This is what is called a minimum credit card payment.

To calculate Jimmy's MCCP across all cards, we must use the formula:

(APR * Days of Billing Cycle * balance)/365

So for A:

((563 * 30 * 16)/365)/100 = $7.40

For B:

((2,525 * 30 * 21)/365) / 100 = $43.52

For C:

((972 * 30 * 19)/365) / 100 = $15.18

For D:

((389 * 30 * 17)/365) / 100 = $5.44

To get Jimmy's total Minimum Credit Card Payment, we say:

7.40 + 43.52 + 15.18 + 5.44 = $ 71.54

See the link below for more about Minimum Credit Card Payment:

https://brainly.com/question/1245865