ral Arts Summer 2024
Monica Hernandez
06/30/24 3:33 PM
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: 8.3-2 Compute on a credit card balance method.
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Given below is the principal owed on a student loan last month, the annual interest rate, and the way the minimum monthly payment is computed. Find this month's minimum payment due.
\begin{tabular}{|c|c|c|}
\hline Principal & Annual Rate & \begin{tabular}{c}
Method for Calculating Minimum Monthly \\
Payment
\end{tabular} \\
\hline\( \$ 18,000 \) & \( 15 \% \) & finance charge \( +3 \% \) of principal \\
\hline
\end{tabular}
This month's minimum payment is \( \$ \) \( \square \)
(Round to the nearest cent as needed.)
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