1. Find the balance at the end of the month after charging $1538.50 in purchases along with a $200 cash advance.
2. This credit card requires a minimum monthly payment of 2.2% of the monthly balance. What is the minimum payment for the balance calculated in Question 1?
3. The interest rate on the monthly balance is different for purchases than for cash advances. Suppose Credit Card B has the following interest rates. APR for purchases is 11.15% and APR for cash advances is 16.15%.

	Amount Charged on Card	Interest
Purchases	$1538.50
Cash Advance	$200.00
Total:

4. Suppose that the individual pays only the minimum payment. The credit card company will use this money to pay the interest first, and then use the remaining amount to reduce the balance on the amount owed.
   1. By how much will the balance be reduced?
   2. What is the new balance that will be carried forward to the next month?

Answer rating: 100% (QA)

As per given details please refer below answer Ans 1 Balance at the ... View the full answer