A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?
A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?
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
Section: Chapter Questions
Problem 1PS
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A credit card has a balance of P129,776.71 on March 1. The credit card holder paid P10,000 on March 15. He made a purchase of P8,862.54 on March 16 and did not use the credit card until the end of the month. The monthly interest rate is 3.50% on purchases and 3.50% on cash advances. How much is the minimum amount to pay at the end of March?
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