need help with my homework

Analysis of Credit Card Debt.

1-Most credit cards require that you pay a minimum monthly payment of two percent of the balance. Based upon a balance of $5,270.00, what would be the minimum monthly payment (assuming no other fees are being applied)?

The minimum payment of this card will be $5270.00 multiply by 0.02 to find the 2% minimum required monthly. The result gives us $105.40

2-Considering the minimum payment you just calculated, determine the amount of interest and the amount that was applied to reduce the principal. Hint: You will need to find the total interest for the year first.

The APR of this card is 15.53%. Therefore, the yearly interest will be $5270 multiply by 0.1553, which gives us a total of $818.43.

The monthly interest on this card according to what we find will be the yearly divide by 12 that represent the amount of months in a year. We find $68.20.

If we have to pay a minimum of $105.40 per month, that mean we pay $68.20 as interest monthly and only 37.197 as principal.

3-Consider one of your credit cards. What is the balance? How is the minimum monthly payment determined? What would be the minimum payment? How much of the minimum payment goes towards interest? How much of the minimum payment goes towards the principal?

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