You are not logged in.
I have been absent from school hence I have no help on this chapter on Finance thus I am having some trouble. How do I solve the following questions and is there a formula for these questions.
Exercise:
The questions says:
Use the following rules to determine the minimum payments for questions 1-4. The minimum payment will be the greatest amount of:
5% of the amount due, rounded up to the next dollar.
$30 (If the amount due is less than $30 the amount due should be paid) the amount by which the amount due excceeds the credit limit, should that situation occur, rounded up to next dollar:
Q.1 Amount Due: $ 728.60 and Credit limit $3000
There are several questions like this.
Thank you and any help will be greatly appreciated.
Offline
I have been absent from school hence I have no help on this chapter on Finance thus I am having some trouble. How do I solve the following questions and is there a formula for these questions.
Exercise:
The questions says:
Use the following rules to determine the minimum payments for questions 1-4. The minimum payment will be the greatest amount of:
5% of the amount due, rounded up to the next dollar.
$30 (If the amount due is less than $30 the amount due should be paid) the amount by which the amount due excceeds the credit limit, should that situation occur, rounded up to next dollar:Q.1 Amount Due: $ 728.60 and Credit limit $3000
There are several questions like this.
Thank you and any help will be greatly appreciated.
Solve the parts:
5% of the amount due
5% = 0.05
0.05 x $725.60 = $36.28
rounded up to the next dollar --> $37
Is $37 LESS THAN $30?
No.
Pay $37 which is the greater amount.
Offline