Calculate the minimum payment that is due the next month, Business Law and Ethics

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Calculate the minimum payment that is due the next month

Problem

Suppose we have a card with an APR of 25%. The minimum payment is 7% of the balance. Suppose we have a balance of $350 on the credit card. We decide to stop charging and to pay it off by making the minimum payment each month. Calculate the new balance after the first minimum payment is made. Calculate the minimum payment that is due the next month.

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Business Law and Ethics: Calculate the minimum payment that is due the next month

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Business Law and Ethics: Calculate the minimum payment that is due the next month

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