Bridgette opened a store credit card to purchase a business suit for $463. She put the entire purchase on the credit card. Her A

Question

3 months ago

15

Bridgette opened a store credit card to purchase a business suit for $463. She put the entire purchase on the credit card. Her A

PR is 14.99% and the minimum payment is 5%. Assuming she makes only minimum payments, what is the remaining balance on her card after 3 months? Can someone help me .

Mathematics

1 answer:

Inessa [12.5K] · Answer 1 · 2026-03-01T20:14:28+03:00

Begin by determining the monthly interest rate as follows:
$\frac{14.99}{12}=1.25$
<span>Each month, we deduct the monthly rate and the 5% payment from $463, leading to the following formula:</span>
$463(1-(0.05+0.0125))^3=463\times0,9375^3\\=381.5$
<span>
Therefore, after three months, Bridgette will have a remaining balance of $381.5 in her account.</span>