Question

your parents have 2744.69 on a credit card with a 12.75 apr they miss their minimum payment and there is a late fee of 29 how much is their balance at the beginning of the second month

Answer 1

The balance at the beginning of the second month on the credit card, based on a 12.75% APR, is $28,02.85.

What is the APR?

The APR or annual percentage rate is the cost of finance charged to the borrower of a loan or a credit cardholder.

When the APR is divided by 12 months, it results in MPR, which can be used to determine the interest.

Data and Calculations:

Credit card balance at the beginning of the first month = $2,744.69

APR = 12.75%

Monthly APR = 1.0625% (12.75/12)

Late Fee = $29

Ending balance at the beginning of second month = $28,02.85 ($2,744.69 x 1.010625% + $29)

Thus, the balance at the beginning of the second month on the credit card, based on a 12.75% APR, is $28,02.85.

Learn more about the APR at https://brainly.com/question/2772156

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