You bought a Apple Watch at $3,599 with your credit card on 28 Dec 2021 and a iPad $3,399 on 2 Jan 2022. This transaction was billed in the credit statement dated on 10 Jan 2022 and the payment due date is on 15 Jan 2022. We could also assume that the payment due date is always on the 15st of each month in the future. According to the Terms and Conditions of the credit card, the APR for Retail Purchase is 32.05% and interest is compounded daily. The minimum payment is determined by the maximum of $50 or the sum of all fees and charges plus 1.5% of the new balance after deducting the amount of fees and charges. Given that there is no other fees and charges and you did not buy anything else with the credit card, what is the interest accured in the last period if you could only afford the minimum payment every month?

Answer rating: 100% (QA)

To calculate the interest accrued in the last period if you only make the minimum payment every mont... View the full answer