The beginning balance of a credit card account is $500. The monthly interest rate is 0.012. If a payment of $100 is made on the

Question

3 years ago

11

last day of the month, what is the ending balance?
A. $404.80
B. $406.00
C. $504.80
D. $506.00

2 answers:

OLga [1] · Answer 1 · 2022-07-10T21:41:09+03:00

OLga [1]3 years ago

6 0

I think its 1.012(500 - 100) = 400* 1.012 = 404.80 dollars

LenaWriter [7] · Answer 2 · 2022-07-11T00:07:07+03:00

4 0

Hi there:)

Since the interest rate is 0.012 per month
So the interest charge
500×0.012=6
The ending balance is
500+6−100=406

Hope it helps