Question

CAN SOMEONE PLEASE HELP ME!!!!

Answer 1

Answer:

The balance after the payment is $1263.84.

Step-by-step explanation:

The formula for amount after compound interest is

$A=P(1+\frac{r}{n})^{t}$

Where, P is principal, r is rate of interest, n is number of time interest compounded in a period, number of periods.

According to the given information,

P=1455.69

r=0.128

n=365

t=45

Put these values in the above formula,

$A=1455.69(1+\frac{0.128}{365})^{45}$

$A\approx 1478.84$

The amount after compound interest is $1478.84. Add late fee chages $35 in this amount and subtract the payment of $250. So, the balance amount after payment is

$Balance=1478.84+35-250=1263.84$

Therefore the balance after the payment is $1263.84.