Question

I

Tori had a $300 unpaid balance after last month's payment on her account. Her annual percentage rate is 21%. The minimum payment due is $25. How much of that is interest for one
month on the unpaid balance?

Answer 1

After the passage of a month, the interest that Tori must pay will be $ 4.81.

Explanation:

Given that Tori has an unpaid balance of $ 300 on her credit card, and that said credit card has an annual interest of 21% on the unpaid balances, considering that the minimum payment is $ 25, to determine how much she should pay after a month of After your debt, it is necessary to perform the following calculation:

12 = 21

1 = X

21/12 = X

1.75 = X

((300 - 25) x 1.75 / 100) + 300 = X

4.81 + 300 = X

304.81 = X

Thus, after the passage of a month, the finance charge that Tori must pay will be $ 4.81.