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In 2012, the average credit card debt per U.S. household was $15,374. Assume your debt...

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Accounting

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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 1 = Prt to compute the interest. This credit card requires a $10 minimum monthly payment if the balance due at the end of 1 the billing period is less than $360. Otherwise, the minimum monthly payment is of the balance due at the end of the billing period.) 36 The minimum monthly payment is $ The average daily balance is $ The interest for this payment cycle is $. The balance due is $ (Round to the nearest cent as needed.)

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