Macy opened a credit card account at the local jewelry store in December of 2016. His purchase totaled $2,185.13. Statement closing date 12/26/16. Days in billing cycle is 30. Total Credit limit is $6,000.00. Available credit after this purchase is $3,814.87, Fees Charged $8.77(protection Plan). Minimum payment due is $135.00. Due date is 21st of each month. APR……26.99% MPR……2.2491% Macy made the minimum payment of $135.00 on 1/23/2016. Februarys statements new balance was $2117.51. Protection plan $21.28, Interest charged was $46.10. During February Macy allowed a friend to make a purchase of $3,747.14. The friend promised to make monthly payments. This month’s fees charged was $39.17. Interest charged was $89.76, which made a new balance of $5,858.58. Macy made payments of $295.00 for the months of March, April and May. Macy also made an additional purchase in the month of May for $194.64. The friend did not make a payment until 6/18/17. This payment was in the amount of $2,700.00. Macy did not make another payment until 7/18/17 for $295.00. What is the payoff for Macy and his friend, if they plan to have the balance paid off by September 21, 2017?  

Answer rating: 100% (QA)

270000 payment from friend on 61817 29500 payment from Macy on 71817 299500 299500 total payments ... View the full answer