Question

You have $1,998.00 on a credit card with a 14.5% APR. You miss your minimum payment the first month and there is a late fee of $37.00. How much is your balance at the beginning of the second month? $2,046.29 $2,083.29 $2,022.14 $2,059.14

Answer 1

Answer:

I got 2,059.14

Because $1998. x (.145/12) + 37 = 2,059.15

Step-by-step explanation:

Answer 2

Solution:

Amount in my credit card = $1,998.00

APR = 14.5 %

Monthly APR = $\frac{14.5}{12}=1.2083$ %

Amount that i have to pay after first Month which i haven't paid

=1.2083 % of $ 1998.00

= $\frac{1.2083}{100}\times 1998.00\\\\ 24.14$$

Late fees = $ 37.00

Total amount that i have to pay at the beginning of Second month = Actual money in credit card + Interest + Late fees

= 1998 + 24.14 + 37

= 2035 +24.14

=   $2059.14

→→→Option (D)  $2,059.14 is right choice.