Question

Eudora transferred a balance of $6400 to a new credit card at the beginning

Answer 1

Answer:

D. $7943.25

Step-by-step explanation:

Answer 2

Answer: $66,504.50

Step-by-step explanation:

For the first 3 months, the interest is 7.6% per month. So, at the end of these 3 months, the balance is

M = 6400 (1+0.078)³ = 6400 . 1.078³ = 8017.45

For the last 9 months, the interest is 26.5% per month, So, at the end of these 9 months, the balance is

M = 8017.45 (1+0.265)⁹ = 8017.45 (1.265)⁹ = 66504.50