The balance at the beginning of the second month on the credit card, based on a 12.75% APR, is <u>$28,02.85.</u>
<h3>What is the APR?</h3>
The APR or annual percentage rate is the cost of finance charged to the borrower of a loan or a credit cardholder.
When the APR is divided by 12 months, it results in MPR, which can be used to determine the interest.
<h3>Data and Calculations:</h3>
Credit card balance at the beginning of the first month = $2,744.69
APR = 12.75%
Monthly APR = 1.0625% (12.75/12)
Late Fee = $29
Ending balance at the beginning of second month = <u>$28,02.85</u> ($2,744.69 x 1.010625% + $29)
Thus, the balance at the beginning of the second month on the credit card, based on a 12.75% APR, is <u>$28,02.85.</u>
Learn more about the APR at brainly.com/question/2772156
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