You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments after the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?
We start with $1,187.92 With the interest and the late fee charge $1,187.92 (1 + 0.1225/12) + 30 = $1,230.05 With the interest minus the payment of $125 $1,230.05 (1 + 0.1225/12) - $125 = $1,117.60
The new principal after the latest payment is $1,117.60.
Hello there. You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments after the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?
