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Alik [6]
3 years ago
14

Amari has a previous balance of $691 on a credit card with a 17.1% APR compounded monthly. If he made a payment of $95 this mont

h, what is the new balance on his credit card?
Mathematics
2 answers:
muminat3 years ago
6 0

Amari has a previous balance of $691 on a credit card .

Interest rate is 17.1% APR compounded monthly.

Amari has made a payment of $95 this month.

Balance Amount691-95=596$

Now using the given interest rate we can find the new balance amount as below:

New Balance Amoiunt=$596+$596*\frac{17.1}{100}=$596+(10191.6)/(100)\\

New Balance Amoiunt=$596+$101.916=$697.916

Hence New balance on the credit card is $697.916

Marrrta [24]3 years ago
5 0
691-95=596
596 X .171=101.9
101.1 +596 = 697.9 new balance
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