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23 May, 18:48

Petes unpaid credit card balance is 3529.30. His apr is 18.6% and he made one new transaction for 148. what is his new balance

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  1. 23 May, 21:29
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    Previous balance = 3529.30

    APR = 18.6%, thus monthly interest rate = 18.6 / 12 = 1.55%

    Previous balance + interest = 3529.30 (1 + 0.0155) = 3584.00

    New balance after transaction = 3584.00 + 148 = 3732.00
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