Assume that you have a balance of $2800 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance. What will the balance be after 2 months? (Round your answer to the nearest cent.)

Assume that you have a balance of $2800 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance. What will the balance be after 2 months? (Round your answer to the nearest cent.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 3STP

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Assume that you have a balance of $2800 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum
payment of 6% of the balance.
What will the balance be after 2 months? (Round your answer to the nearest cent.)

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