** Advance Algebra With Financial App **

Bridgette opened a store credit card to purchase a business suit for $463. She put the entire purchase on the credit card. Her APR is 14.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining balance on her card after 3 months?

Anyone know how to solve this ?

Question

** Advance Algebra With Financial App **

Bridgette opened a store credit card to purchase a business suit for $463. She put the entire purchase on the credit card. Her APR is 14.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining balance on her card after 3 months?

Anyone know how to solve this ?

anonymous · Answer

remaining balance formula right ?

anonymous · Answer

how much money was on her credit card in the first place?

anonymous · Answer

@NaCl

anonymous · Answer

idk ?

anonymous · Answer

I think we assume it's 0 originally

anonymous · Answer

http://www.financeformulas.net/Remaining_Balance_Formula.html Is this the formula

jim_thompson5910 · Answer

that looks like the correct formula, so you could use the calculator found at the bottom of the same page

anonymous · Answer

@jim_thompson5910 

PV=463
P=5%
r=14.99%
n=3

jim_thompson5910 · Answer

payment is 5% of 463, or it is _____

jim_thompson5910 · Answer

the rate per period would be 14.99/12 = ???

anonymous · Answer

Rate period would be 1.2491666667

jim_thompson5910 · Answer

yep that's the rate per period