Mathematics · Commercial Mathematics
A credit card holder has an outstanding balance of ₹50,000. The Minimum Amount Due (MAD) is calculated as 5% of the principal. The customer pays only the MAD on the due date. The interest rate is 3.5% per month. On the next billing date (30 days later), assuming no new transactions were made, what will be the new outstanding balance?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹49,162.50✓
- 2₹51,750.00
- 3₹47,500.00
- 4₹49,212.50
Correct answer
₹49,162.50
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