Bana received Scotiabank American Express (Amex) gold card, where the interest is charged at 18.9% per annum. The bill is issued on 16th of every month and is due on 4th of next month. She used her Amex card for the following transactions in the month of July: The minimum payment due is greater of $20 or 2% of the outstanding balance on the billing day. She intends to pay the minimum amount on August 4 and pay the rest on August 11. How much must she pay on August 11?
A) $793.73
B) $794.11
C) $774.11
D) $776.92

Question

Bana received Scotiabank American Express (Amex) gold card, where the interest is charged at 18.9% per annum. The bill is issued on 16th of every month and is due on 4th of next month. She used her Amex card for the following transactions in the month of July:  The minimum payment due is greater of $20 or 2% of the outstanding balance on the billing day. She intends to pay the minimum amount on August 4 and pay the rest on August 11. How much must she pay on August 11?
A) $793.73 
B) $794.11 
C) $774.11 
D) $776.92

Quizplus · Accepted Answer

The Answer of Bana received Scotiabank American Express (Amex) gold card, where the interest is charged at 18.9% per annum. The bill is issued on 16th of every month and is due on 4th of next month. She used her Amex card for the following transactions in the month of July:  The minimum payment due is greater of $20 or 2% of the outstanding balance on the billing day. She intends to pay the minimum amount on August 4 and pay the rest on August 11. How much must she pay on August 11?
A) $793.73 
B) $794.11 
C) $774.11 
D) $776.92

Bana Received Scotiabank American Express (Amex) Gold Card, Where the Interest