SOLUTION: amelia has a balance of $1289.56 on a credit card with an annual percentage rate(APR) of 21.9%. the minimum payment required in the current statement is $27.23. find the amount of

Question 826366: amelia has a balance of $1289.56 on a credit card with an annual percentage rate(APR) of 21.9%. 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 peyment.
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
If the balance was $1289.56 for a month, the interest can be calculated as
times $1289.56.
That is $= $ .
So the interest would be $ ,
the amount applied to reduce the principal in this payment would be
$27.23 - $23.53 = $ ,
and the balance after this payment would be
$1289.56 - $3.70 = $ .
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