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