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14 July, 07:18

You owe 958.62 on a credit card at 9.7 percent apr the minimum payment is 105.00 how much goes toward principal if you make the minimum payment at the end of the first month?

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  1. 14 July, 08:27
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    APR stands for Annual Percentage Rate and in this problem, we are given APR is equal to 9.7%

    Per month rate = 9.7% / 12 months = 0.808%

    Total credit interest for 12 months = 958.62 * 0.097 = $92.97

    In one month = $92.97/12 = $7.7475

    If you pay at the end of the first month:

    Payment = 105.00

    The amount goes to principal:

    Amount = $105 - $ 7.7475

    Amount = $142.25
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