Question

Marlo's current credit card balance is $2,109.65 with a minimum payment of $68.00. Over the next month, he plans to spend $471.00. If the
APR Is 31.9996, what will Mario's newbalance be, Including interest?

Answer 1

Mario's new balance, Including interest, is $2,579.65

What is the equivalent monthly interest rate on the credit card?

The monthly interest rate on the credit card balance is APR(annual percentage rate) divided by the 12 months in a year

monthly interest=31.9996%/12

What is the balance before interest=current balance+ next month's bills-minimum payment

What is the balance before interest=$2,109.65+$471.00-$68.00

What is the balance before interest=$2,512.65

Balance after interest=$2,512.65*(1+31.9996%/12)

balance after interest charge=$2,579.65

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