Question

Rae's unpaid credit card balance was $3,535. Her APR is 28.2%. What is her newbalance after she makes one new transaction for $1,654? Round answer to thehundredths place. If answer doesn't have a hundredths place then include a zero sothat it does.

Answer 1

Given:

Credit card balance = $3535.

APR = 28.2 %.

The new transection amount = $1654.

To find:

We need to find the new balance of the credit card.

Explanation:

The monthly interest is

$=\frac{28.2\text{ \%}}{12}=0.0235$

The monthly interest for $3535 is

$=0.0235\times3535=83.0725$

The new balance is

$=3535+83.0725+1654$$=5272.0725$

Final answer:

The new balance is $5272.07.