A community for students.
Here's the question you clicked on:
 0 viewing
HELP!!!!
 2 years ago
Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card? (1 point) $718.00$728.55$844.56$893.56
HELP!!!!
 2 years ago
Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card? (1 point) $718.00$728.55$844.56$893.56

This Question is Closed

quarks16
 2 years ago
Best ResponseYou've already chosen the best response.0By payment, you mean that he paid off $49 of the $767 debt, right?

tkhunny
 2 years ago
Best ResponseYou've already chosen the best response.1As with ALL such problems, the correct answer depends on the EXACT methodology for calculating interest charges. There are MANY different ways to do that. I would guess that the answer is the method that I never have seen actually in practice. 16.5% = 0.165  Annual Interest Rate 0.165 / 12 = 0.01375  Monthly Interest Rate 767.00 * 0.01375 = 10.55  Interest Charges for the Month. Add and subtract the pieces and you should be done.

quarks16
 2 years ago
Best ResponseYou've already chosen the best response.0...16.5 IS monthly. And you forgot about that payment of $9.

quarks16
 2 years ago
Best ResponseYou've already chosen the best response.0I'd like to know if the $49 was before the interest was taken, or after the interest was taken.

HELP!!!!
 2 years ago
Best ResponseYou've already chosen the best response.0so ally do you understand?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.