Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this mo nth, what is the new balance on his credit card?
2 answers:
Answer:
= $ 728.55 new balance
Step-by-step explanation:
Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card?
his APR per month will be 16.5% divided by 12 months, since 12 months makes a year
Previous Balance 767
Monthly Interest= .165 / 12 = 0.0135
monthly balance = 767
payment = 49
previous balance*monthly interest*previous balance-payment
767*0.0135*767-79
= $ 728.55 new balance
Previous = 767 subtract pmt of 49 = amount to pay interest on, A
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