You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments aft

Question

2 years ago

15

You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments aft

er the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?

Mathematics

2 answers:

Travka [436] · Answer 1 · 2022-07-31T06:25:48+03:00

Travka [436]2 years ago

7 0

We start with
$1,187.92
With the interest and the late fee charge
$1,187.92 (1 + 0.1225/12) + 30 = $1,230.05
With the interest minus the payment of $125
$1,230.05 (1 + 0.1225/12) - $125 = $1,117.60

The new principal after the latest payment is $1,117.60.

laiz [17] · Answer 2 · 2022-07-31T08:05:31+03:00

Hello there.
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You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments after the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?
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1,117.60.