jason keeps track of his credit card information in this table. jason has a credit card that charges 2%…

jason keeps track of his credit card information in this table. jason has a credit card that charges 2% interest on unpaid balances each month. he spent $300, but only makes the minimum payment of $30 a month when the bill is due. what is the balance on his credit card account after making his payment at the end of the fourth month?\nmonth beginning balance balance with interest balance after payment\n1 $300.00 $306.00 $276.00\n2 $276.00 $281.52 $251.52\n3 $251.52 $256.55 $226.55\n4 $226.55 $231.08?\n$201.08\n$196.55\n$226.55\n$231.08

jason keeps track of his credit card information in this table. jason has a credit card that charges 2% interest on unpaid balances each month. he spent $300, but only makes the minimum payment of $30 a month when the bill is due. what is the balance on his credit card account after making his payment at the end of the fourth month?\nmonth beginning balance balance with interest balance after payment\n1 $300.00 $306.00 $276.00\n2 $276.00 $281.52 $251.52\n3 $251.52 $256.55 $226.55\n4 $226.55 $231.08?\n$201.08\n$196.55\n$226.55\n$231.08

Answer

Explanation:

Step1: Identify the balance with interest for Month 4.

From the table, the balance with interest at the end of Month 4 is given. $$ \text{Balance with Interest (Month 4)} = $231.08 $$

Step2: Subtract the monthly payment from the balance with interest.

Jason makes a minimum payment of $30 each month. $$ \text{Balance after Payment (Month 4)} = \text{Balance with Interest (Month 4)} - \text{Payment} $$ $$ \text{Balance after Payment (Month 4)} = $231.08 - $30.00 $$

Step3: Calculate the final balance.

Perform the subtraction. $$ \text{Balance after Payment (Month 4)} = $201.08 $$

Answer:

$201.08