Natasha had a $922.93 balance on her credit card at the beginning of September. Her credit card has an APR of 9.89%, compounded monthly, and a minimum monthly payment of 3.08% of the total balance. The following table shows Natasha’s credit card purchases over the next two months. Month Cost ($) September 33.70 October 61.70 October 27.80 If Natasha makes only the minimum payments, what will her balance at the beginning of November? (Assume that the interest accrues before the monthly payment, and that the monthly payment occurs at the end of the month. Round all dollar values to the nearest cent.) a. $1,180.48 b. $1,064.55 c. $1,000.93 d. $1,123.97

The credit card balance is computed by adding the interest every month to the beginning balance and the purchases for the month before subtracting the minimum payments made by Natasha.

Data and Calculations:

September beginning balance = $922.93

APR = 9.89%

Monthly APR = 0.824% (9.89%/12)

Minimum monthly payment = 3.08% of total balance

Month Cost ($) Finance Charge Payment Ending balance

Beginning balance $922.93

September 33.70 $7.88 $29.71 $934.80

($956.63 x 0.824%) ($964.51 x 3.08%) ($964.51 - $29.71)

October 61.70

October 27.80 $8.44 $31.81 $1,000.93

($1,024.30 x 0.824%) ($1,032.74 x 3.08%) ($1,032.74 - $31.81)

Thus, if Natasha makes only the minimum payments, her balance at the beginning of November is c. $1,000.93 ($934.80 + $61.70 + $27.80 + $8.44 - $31.81).

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