Ingrid has a previous balance of $643 on a credit card with an 18.3% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card?

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Ingrid has a previous balance of $643 on a credit card with an 18.3% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card?

Economics - Financial Markets
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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Her monthly rate would be 18.3/12 = 1.525% If she had 643 balance previously, this means that this months balance will be 643*1.01525= 652.81 (original amt plus interest) She makes a $50 payment, so remaining balance is 652.81-50 = 602.81.

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