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

Question

2 years ago

14

h, what is the new balance on his credit card?

2 answers:

muminat · Answer 1 · 2022-08-13T17:44:30+03:00

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 Amount $691-95=596$ $

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] · Answer 2 · 2022-08-13T16:41:09+03:00

5 0

691-95=596
596 X .171=101.9
101.1 +596 = 697.9 new balance