SOLUTION: Tara has a balance of $3892.46 on a credit card with an annual Percentage rate of 16.5%. The minimum payment required on the current statement is $78.00. What is the amount appli

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Tara has a balance of $3892.46 on a credit card with an annual Percentage rate of 16.5%. The minimum payment required on the current statement is $78.00. What is the amount appli      Log On

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Question 436760: Tara has a balance of $3892.46 on a credit card with an annual Percentage rate of 16.5%. The minimum payment required on the current statement is $78.00. What is the amount applied to reduce the principal in this payment
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
(3892.46*0.165)/12=53.52
78-53.52=$24.48