Find the unpaid balance after one year has passed


You are indebted to $2000 on the credit card. Card charges 1.5% monthly intrest on the balance and needs the minimum monthly payment of 2.5% of the balance. Every transaction (payments and intrest charges) are recorded at end of the month. You make only minimum required payment every month and incur no extra debt. Find the unpaid balance after 1year has passed? How much money in intrest charges have paid your creditors?

Request for Solution File

Ask an Expert for Answer!!
Mathematics: Find the unpaid balance after one year has passed
Reference No:- TGS0846312

Expected delivery within 24 Hours