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  3. your credit card has a balance of $1,200. its inte

Your credit card has a balance of $1,200. Its interest rate is 20.5%. You have...

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Basic Math

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Your credit card has a balance of $1,200. Its interest rate is 20.5%. You have stopped using the card, because you don't want to go any deeper into debt. Each month, you make the minimum required payment. Your credit card issuer recently changed their minimum required payment policy, in response to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. As a result, your minimum required payment is $48. (Round your answers to the nearest cent.) (a) During the September 10 through October 9 billing period, you pay the minimum required payment on September 25th. Find the average daily balance, the finance charge and the new balance. (The new balance includes the finance charge.)

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