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M3 Assignment

In: Business and Management

Submitted By sarahmh23
Words 614
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Most credit card companies require that one pays a minimum monthly payment of 2% of the balance. Based upon a balance of $ 5,270, what would the minimum monthly payment be?
To figure this out I need to multiply $5,270 by 0.02, which equals a minimum monthly payment of $105.40. Now, considering the minimum monthly payment, I want to determine the amount of interest and the amount that is being applied to the principle. To figure out the interest and the amount being applied to the principle I need to first find the total interest for the year. The formula I will use for this is the simple interest formula (I =P x r x t), P is the principle amount of $5,270, R is the interest rate of 21% per year, and T is the time involved which is 1 year. To find the interest I multiply 5,270 x 0.21 x 1 = 1,106.70. The interest rate on $5,270 at 21% interest per year is 1,106.70. Now I need to divide the total interest per year by 12 to figure out the total monthly interest rate, 1,106.70 / 12 = $92.22. The monthly interest rate on $5,270 is $92.22. With a minimum monthly payment of 105.40, one is paying $92.22 interest with $13.18 being applied towards the principal.
I have one credit card with a balance of $1,000, my minimum monthly payment is $80.00. My minimum monthly payment was determined by the amount I am borrowing and my past credit history, which is slim and not the best. My minimum monthly payment is 8% of the principal, with an APR of 60%, using the simple interest formula (I = P x r x t), 1,000 x 0.6 x 1 = $600, my interest rate is $600 per year. $600 / 12 = $50.00, my monthly payment is $80.00, $50.00 is interest and $30.00 goes towards the principle. On my credit card I do have a credit limit so I can never go over, although if my card is inactive for more than 30 days I get charged a fee of $15.00, and I also get changed an annual service fee of $30.00. With a debt…...

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