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Suzy has a new credit card with an APR of 11 99% and a credit limit of $1800 The minimum monthly payment is 6% of the new balance, If Suzy has a carryover balance of $550 from buying hunting supplies last month and Suzy cannot pay off the balance, what will be Suzy's new balance at the end of this month? Express your answer rounded to the nearest cent
Suzy has a new credit card with an APR of 11 99% and a credit limit of $1800 The minimum monthly payment is 6% of the new balance, If Suzy has a carryover balance of $550 from buying hunting supplies last month and Suzy cannot pay off the balance, what will be Suzy's new balance at the end of this month? Express your answer rounded to the nearest cent
Expert Solution
Computation of Suzy's New Balance at the End of this Month:
New Charges = $550
Finance Charge = $550*11.99%*1/12 = $5.50
Total Charges = $550+$5.50 = $555.50
Monthly Payment = $555.50*6% = $33.33
So,
New Balance = $555.50 - $33.33 = $522.17
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