Given below is the principal owed on a student loan last month, the annual interest rete, and the way the minimum monthly payment is oomputed. Find this month minimum payment due. Method for Calculating Minimum Monthly Payment finance charge+ $40+1.5% of principal Principal Annual Rate $28,700 12% This month's minimum payment is $. (Round to the nearest cent as needed.)

Question
Given below is the principal owed on a student loan last month, the annual interest rete, and the way the minimum monthly payment is oomputed. Find this month
minimum payment due.
Method for Calculating Minimum Monthly
Payment
finance charge+ $40+1.5% of principal
Principal
Annual Rate
$28,700
12%
This month's minimum payment is $.
(Round to the nearest cent as needed.)
Expand
Transcribed Image Text

Given below is the principal owed on a student loan last month, the annual interest rete, and the way the minimum monthly payment is oomputed. Find this month minimum payment due. Method for Calculating Minimum Monthly Payment finance charge+ $40+1.5% of principal Principal Annual Rate $28,700 12% This month's minimum payment is $. (Round to the nearest cent as needed.)

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