Greg has a credit card which requires a minimum monthly payment of 2.06% of the total balance. his card has an apr of 11.45%, compounded monthly. at the beginning of may, greg had a balance of $318.97 on his credit card. the following table shows his credit card purchases over the next few months. month cost ($) may 46.96 may 33.51 may 26.99 june 97.24 june 112.57 july 72.45 july 41.14 july 101.84 if greg makes only the minimum monthly payment in may, june, and july, what will his total balance be after he makes the monthly payment for july? (assume that interest is compounded before the monthly payment is made, and that the monthly payment is applied at the end of the month. round all dollar values to the nearest cent.) a. $812.86 b. $830.31 c. $864.99 d. $1,039.72 please select the best answer from the choices provided a b c d

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28-03-2022
Mathematics

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Greg has a credit card which requires a minimum monthly payment of 2.06% of the total balance. his card has an apr of 11.45%, compounded monthly. at the beginning of may, greg had a balance of $318.97 on his credit card. the following table shows his credit card purchases over the next few months. month cost ($) may 46.96 may 33.51 may 26.99 june 97.24 june 112.57 july 72.45 july 41.14 july 101.84 if greg makes only the minimum monthly payment in may, june, and july, what will his total balance be after he makes the monthly payment for july? (assume that interest is compounded before the monthly payment is made, and that the monthly payment is applied at the end of the month. round all dollar values to the nearest cent.) a. $812.86 b. $830.31 c. $864.99 d. $1,039.72 please select the best answer from the choices provided a b c d

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bhoopendrasisodiya34 bhoopendrasisodiya34 · Answer 1 · 2022-03-31T11:26:44+02:00

The total balance of Greg account after he makes the monthly payment for July is $864.99.

How to find monthly payment?

Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.

It can be calculated with the following formula.

[tex]M=P\left(1-\dfrac{r}{1-(1+r)^{-nt}}\right)[/tex]

Here, (P) is the principal amount, (r) is the interest rate and (t) is time.

Greg has a credit card which requires a minimum monthly payment of 2.06% of the total balance.

His card has an apr of 11.45%, compounded monthly. At the beginning of May, Greg had a balance of $318.97 on his credit card.

In the Month of May he make payment of 46.96, 33.51, and 26.99. Greg had a balance of $318.97 on his credit card. The total balance after the end of may is,

[tex]P=46.96+33.51+26.99+318.97\\P=426.43[/tex]

The financial charge on this payment with Apr 11.45% is 4.07. Thus, the payment become 430.5.

The payment for the June 97.24, 112.57,72.45. The payment at the end of June is 719.56 and financial charge is 10.22.

The payment become 722.98. The payment for the June 41.14, 101.84. At the end of July 865.96.

The total balance of Greg account after he makes the monthly payment for July is $864.99.

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