Question

petes unpaid credit card balance is 3529.30. His apr is 18.6% and he made one new transaction for 148. what is his new balance

Answer 1

Answer:

the new balance is $4333.75.

Answer 2

Previous balance = 3529.30
APR = 18.6%, thus monthly interest rate = 18.6 / 12 = 1.55%
Previous balance + interest = 3529.30(1 + 0.0155) = 3584.00
New balance after transaction = 3584.00 + 148 = 3732.00