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)?
MINIMUM PAYMENT: 2 *52.7 = $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
. Amount towards principle $37.20 Amount toward interest $ 68.20