you owe $848.42 on a credit card at a 12.75% apr the minimum payment of $50
if you paid the $50 at the beginning of the month to decrease the principal how much interest accrues by the
end of the month?
To calculate the interest that accrues by the end of the month, we first need to determine the new balance after the $50 payment:
$848.42 - $50 = $798.42
Next, we need to calculate the daily interest rate on the credit card:
12.75% APR / 365 days = 0.0003493 or 0.03493%
Now we can calculate the interest accrued after making the $50 payment:
$798.42 * 0.03493% * 30 days = $8.86
Therefore, after making the $50 payment at the beginning of the month, the interest accrued by the end of the month would be $8.86.