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Business, 03.01.2022 06:00 amandasantiago2001

Greg has a credit card which requires a minimum monthly payment of 2. 06% of the total balance. His card has an APR of 11. 45%, compounded monthly. At the beginning of May, Greg had a balance of $318. 97 on his credit card. The following table shows his credit card purchases over the next few months. Month Cost ($) May 46. 96 May 33. 51 May 26. 99 June 97. 24 June 0112. 57 July 72. 45 July 41. 14 July 0101. 84 If Greg makes only the minimum monthly payment in May, June, and July, what will his total balance be after he makes the monthly payment for July? (Assume that interest is compounded before the monthly payment is made, and that the monthly payment is applied at the end of the month. Round all dollar values to the nearest cent. ) a. $812. 86 b. $830. 31 c. $864. 99 d. $1,039. 72 Please select the best answer from the choices provided A B C D.

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Greg has a credit card which requires a minimum monthly payment of 2. 06% of the total balance. His...
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