Question

Your opening balance this month was $1,664.00. In the last thirty days you made the following purchases: $27.35, $54.15, and $125.00. You are charged 15% annual interest (or 1.25% per month). If you pay a full month's interest on those purchases, what will your new balance be?

Answer 1

Answer:

$1661.41875

Step-by-step explanation:

Since you purchased the following

$27.35,$54.15,$125

So let's add up

27.35+54.15+125

206.5

So let's determine the interest

1.25% of 206.5

1.25/100 ×206

258.125/100

2.58125

So we will have to deduct 2.58125 from the initial amount

1664-2.58125

1661.41875

So the amount left is $1661.41875