rachel has a new credit card with an apr of 14.99% and a credit limit of $1600. the minimum monthly payment is 3% of the new balance. if rachel purchases @250 in fishing supplies athe the beginning of the month, what will be rachels new balance at the end of the month?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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rachel has a new credit card with an apr of 14.99% and a credit limit of $1600. the minimum monthly payment is 3% of the new balance. if rachel purchases @250 in fishing supplies athe the beginning of the month, what will be rachels new balance at the end of the month?

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Step 1

Data given:

APR=14.99%

Purchase =$250

Required: Rachels new balance at the end of the month.

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