Brian uses his credit card in August to purchase the following college supplies:

Question

Brian uses his credit card in August to purchase the following college supplies: books for $425, your long bus pass for $175, food service meal ticket for $450, and season tickets to the basketball games for $125,. On September 1, he uses 650 of his financial aid check to reduce the balance. The issuing bank charges 1.2% interest per month and requires full payment within 36 months. Brian had a previous balance is zero and he makes no other purchases with his card. What is the minimum payment due September 1, and what is the balance due on October 1?

Explanation / Answer

total purchase made by brian in august is 425+175+450+125 = 1175;

on september 1 he uses 650 of his financial aid check to reduce the balance

the remaining balance is 1175 - 650 = 525;

payment due on september 1 is 525 ;

payment due on october 1 is 525(1.001)2 = 526.05;

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