Laurie's new student credit card has a 0% introductory apr for six months. the minimum payment per month for the card is $20. after the introductory period the apr is 15%. laurie buys a few presents using her credit card so that her total balance is $135. if laurie decides to make just the minimum payment, what would her balance be when the introductory period ends? a. $15 b. $35 c. $25.12 d. $21.63

Solution:

Introductory APR for six months = 0%

Minimum payment per month = $ 20

When , the introductory period gets over, the APR= 15 %(Yearly)

Monthly APR

Total balance, in Laurie's account when the introductory period gets over= $ 135

So, Minimum payment,when the introductory period ends

= 135-20×6

= 135 - 120

= $ 15

=Option (A)

But if you consider APR of 15 % for 7nth month,

Then total Payment , if rate of APR is for 12 months or for the period of 6 months  

$

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