The Cost of Credit Answers

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Arthur wants to repay the full amount to have a zero balance. How much should Arthur pay if his online payment is processed on May 1?

$325.24, the April balance

$25, the April late fee

$350.24, the April balance plus the late fee

$300.24, the April balance minus the late fee

b =

$0.00

$169.74

$200.00

$750.00

c =

$0.00

$3.06

$169.74

$200

What is the total amount Gary will pay?

$3.06

$19.74

$750.00

$769.74

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