Business, 13.11.2019 17:31 ezzyandrade7

With a beginning balance of $1200 and no additional charges during the next three months, you will just pay the minimum payment each month for the next three months. the apr is 24.99% and the minimum payment each month is 3% of the balance. determine the finance charge, new balance, and minimum payment required for each of the next three months, and the starting balance for month 4 in the table below.

month starting balance finance charge new balance minimum payment
1 $1200
2
3
4
a) what is the total of minimum payments?

b) what is the total of the finance charges?

c) how much does the starting balance decrease after these three payments?

d)the total of your finance charges is what percent of our total payments?

e) explain why making the minimum payment all the time is great for the credit card company, but not so great for the user.

f) explain why having a credit card and using it wisely is beneficial to you.

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