Solve the problem.Eduardo has a balance of $3265.96 on a credit card with an annual percentage rate (APR) of 12.6%. His credit card requires a minimum monthly payment of 2% of the balance. If he transfers his balance to a credit card with an APR of 8.5% how much of his first payment would be interest and how much would be applied to reduce the principal?

A. Interest: $34.29; amount applied to principal: $31.03
B. Interest: $34.29; amount applied to principal: $36.14
C. Interest: $23.13; amount applied to principal: $42.19
D. Interest: $23.13; amount applied to principal: $47.51


Answer: C

Mathematics

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A.
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D.

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Mathematics