Question Help

In 2012, the average credit-card debt per U.S. household was $15,374. Assume your debt is consolidated to one card, you make a payment of $5000 on Jan. 2nd, and your card has an APR of 1.5% a month. Determine the minimum payment for January, due in February, if you do not make additional purchases. (Hint: The average daily balance is the sum of the unpaid balances for each day in the billing cycle divided by the number of days in the billing cycle. Use the formula I= PrtI=Prtto compute the interest. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360. Otherwise, the minimum monthly payment is 1/ 36 of the balance due at the end of the billing period.)