Bank used the unpaid balance or average daily balance method

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Reference no: EM131956925

1. You have a credit card with purchase amount of 4,184.40 and an interest rate of 12.49% Lets say that you use this particular card strictly for this purchase. In this case, would the amount of interest calculated vary depending on whether the bank used the unpaid balance or the average daily balance Method Explain

2. This particular card has a minimum monthly payment of 3% of the balance plus any interest accrued during the month. What would your first minimum payment be?

Reference no: EM131956925

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