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 one year 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
 one year 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

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

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

quarks16
 one year 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!!!!
 one year ago
Best ResponseYou've already chosen the best response.0so ally do you understand?
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