Question

John has a credit card debt of $2000 that charges 1.4% interest per month on any unpaid balance. John can afford to pay $200 toward the balance each month. Determine John's balance after making the first payment.

Answer 1

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Answer 2

Assuming John pays back the $200 at the end of the month, i.e.: after interest is charged, first charge 1.4% interest on $2,000, which is:
\[$2,000\times1.4\div100=$28\]Add this $28 to the $2,000, and deduct John's payment of $200 to get:\[$2,000+$28-$200=$1,828\]