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pete's 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

A3544.25 B. 3732.00 C. 4224.34 D. 4333.75

david's statement shows a previous balance of 5834.53, a payment of 150 and new transactions totaling 325. His APR is 20.4% what is his new balance

A5984.64 B. 6106.17 C. 6111.69 D. 6256.17

tom's total payment for his loan was 15264, he paid it off after making 72 monthly payments what was his monthly payment

A, 212 B. 228 C. 236 D. 242


bethany will borrow 7400 at 7% APR she will pay it back over 12 months. What will her monthly payment be ?

A510.43 B. 518.00 C. 659.83 C. 672.17

Verified Answer :

nobillionaireNobley

1.) 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


2.) Previous balance = 5834.53
APR = 20.4%, thus monthly interest rate = 1.7%
Previous balance - payment = 5834.53 - 150 = 5680.53
Balance + interest = 5634.53(1 + 0.017) = 5781.17
New balance after transaction = 5781.17 + 325 = 6106.17


3.) Total payment = 15264
Number of payments = 72 monthly payments
Monthly payment = 15264 / 72 = 212

4.) Amount bollowed = 7400 at 7% APR
Amount plus interest = 7400(1 + 0.07) = 7918
Monthly payment = 7918 / 12 = 659.83

Answer:1.) 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


2.) Previous balance = 5834.53

APR = 20.4%, thus monthly interest rate = 1.7%

Previous balance - payment = 5834.53 - 150 = 5680.53

Balance + interest = 5634.53(1 + 0.017) = 5781.17

New balance after transaction = 5781.17 + 325 = 6106.17


3.) Total payment = 15264

Number of payments = 72 monthly payments

Monthly payment = 15264 / 72 = 212


4.) Amount borrowed = 7400 at 7% APR

Amount plus interest = 7400(1 + 0.07) = 7918

Monthly payment = 7918 / 12 = 659.83



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