Most credit cards provide for a minimum finance charge of $70$ cents per month. Suppose that you buy a $39 item, make five monthly payments of $5, and then pay the remaining balance. What are the payments and the total interest for this purchase if the interest rate is 12% but you pay the minimum finance charge? 5 payments of $ __________ plus a last payment of $ __________. Total payments of $ __________ with interest of $ __________.

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The Answer of Most credit cards provide for a minimum finance charge of $70$ cents per month. Suppose that you buy a $39 item, make five monthly payments of $5, and then pay the remaining balance. What are the payments and the total interest for this purchase if the interest rate is 12% but you pay the minimum finance charge? 5 payments of $ __________ plus a last payment of $ __________. Total payments of $ __________ with interest of $ __________.

Most Credit Cards Provide for a Minimum Finance Charge Of 70