Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing


  • 3 years ago

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?

  • This Question is Closed
  1. Evgeny
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    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.

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy