Resuelto Currently, the balance due is equivalent to 18% of

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Pregunta: Currently, the balance due is equivalent to 18% of the credit line of $18,000. Assume that the minimum payment (monthly) equals 2.25% of the balanec due.
determine monthly payment
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Solución
Paso 1
Here is a basic calculation of balance due on a credit line.
$\begin{matrix} \begin{aligned} Balance Due on Total Crdit Line & = Total Credit Line * 18 % \\ = $ 18,000 \times 18 % \\ = $ 3, 240.00 \end{aligned} \end{matrix}$
Explanation:
The customer took a total loan of $18000...
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Paso 2
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Paso 3
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Respuesta
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Texto de la transcripción de la imagen:

Currently, the balance due is equivalent to

18%

of the credit line of

$18, 000

. Assume that the minimum payment (monthly) equals

2.25%

of the balanec due.