Greg has a credit card which requires a minimum monthly payment of 2.06% of the total balance. His card has an APR of 11.45%, compounded monthly.

a.

$812.86

b.

$830.31

c.

$864.99

d.

$1,039.72

the rest of the question is: If Greg makes only the minimum monthly payment in May, June, and July, what will his total balance be after he makes the monthly payment for July? (Assume that interest is compounded before the monthly payment is made, and that the monthly payment is applied at the end of the month. Round all dollar values to the nearest cent.)

the correct answer is B. $830.31