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Jackie thinks she can pay off a credit card balance of $12,300 with a current interest rate of
13.45% in 5 years. How much should her minimum payment be?

Respuesta :

Answer:

The minimum payment should she have is $ 6546.035

Step-by-step explanation:

Given as ;

Amount credit card balance = $12,300

The rate of interest = 13.45 %

The time period is 5 years

Let The principal be P

Now,

Amount = Principal × [tex](1 + \frac{Rate}{100})^{Time}[/tex]

Or , $12,300 = p × [tex](1 + \frac{13.45}{100})^{5}[/tex]

Or, $12,300  = p × [tex](1.1345)^{5}[/tex]

∴  p  = [tex]\frac{12,300}{1.879}[/tex]

Or, P = $ 6546.035

Hence The minimum payment should she have is $ 6546.035 Answer

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