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You owe $958.62 on a credit card at a 9.7% APR. The minimum payment is $105.00. How much goes toward principal if you make the minimum payment at the end of the first month?


$105.79


$97.25


$105.72


$101.16

Respuesta :

Answer:

97.25

Step-by-step explanation:

958.62 x 9.7%/12 = 7.75 interest

105 - 7.75 = 97.25

abiolataiwo2015

The amount that  goes toward principal if you make the minimum payment at the end of the first month is: $97.25.

Principal amount

First step

Interest=958.62 x 9.7%/12 month

Interest =$7.748

Interest=$7.75 (Approximately)

Second step

Principal amount=Minimum payment- Interest

Principal amount=$105-$7.75

Principal amount=$97.25

Therefore the amount that  goes toward principal if you make the minimum payment at the end of the first month is: $97.25.

Learn more about principal amount here:https://brainly.com/question/25545513

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