SOLUTION: Amelia has a balance of ​$1379.29 on a credit card with an annual percentage rate​ (APR) of
​%19.2. The minimum payment required in the current statement is ​$.27.23 Find
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Question 1162824: Amelia has a balance of ​$1379.29 on a credit card with an annual percentage rate​ (APR) of
​%19.2. The minimum payment required in the current statement is ​$.27.23 Find the amount of interest and the amount applied to reduce the principal in this payment and the balance after this payment.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Multiply the credit balance by the decimal representation of the annual percentage rate and then divide by 12. That will give you the interest amount. Subtract the interest amount from the payment amount to get the amount applied to the principal balance.
John
My calculator said it, I believe it, that settles it
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