Question

April's unpaid balance is $200.15. Her APR is 15% and she has $80.50 in new transactions. What is her new balance?

Answer 1

Based on the information given the new balance is $283.15.

Using this formula

New balance=Principal+ [Principal ×(APR/12)]+New transaction

Where:

Principal=$200.15

APR=15%

New transaction=$80.50

Let plug in the formula

Let plug in the formula

New balance=$200.15+($200.15×(0.15/12)+$80.50

New balance=$200.15+$2.50+$80.50

New balance=$283.15

Inconclusion  the new balance is $283.15.

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